The Opec+ alliance of producers will discuss all options when meeting in March ahead of the expiry of its current agreement, Saudi Arabia's energy minister told reporters at the World Economic Forum in Davos.
Prince Abdulaziz bin Salman did not elaborate on whether the group will consider an extension of current output cuts for the rest of the year or if it will discontinue the deal by March.
“We still have to look at the production in January and February to see how things are,” Bloomberg quoted Prince Abdulaziz as saying on Wednesday.
The alliance of oil-producing nations, known as Opec+, has been curbing its total oil output since the beginning of 2017 in a bid to control supply and support pricing after the value of crude plummeted in 2014. In December, the group agreed to deepen cuts to 2.1 million barrels per day from this month until the end of March.
Opec+ members currently pump 40 per cent of the world’s crude.
The Saudi energy minister also welcomed the re-appointment of Alexander Novak as Russia’s energy minister.
Saudi Arabia is currently pumping 9.744 million barrels per day of crude, he added.
