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Saudi Arabia's energy minister sees oil recovering on OPEC cuts

After OPEC nations agreed to reduce output, oil prices look set to recover next year, says Saudi Arabia's energy minister, adding that he sees no need for additional production cuts.

Photo: Kamran Jebreili / AP Polfoto

Oil prices are set to recover next year as OPEC fulfills its agreement to cut output, halting the slump that battered the global oil industry, Saudi Arabia's energy minister said.

The kingdom sees no need for additional production cuts on top of the curbs pledged in recent weeks by OPEC and 11 other oil-producing countries, Khalid Al-Falih said at a ceremony to announce the annual budget in Riyadh. The intervention is intended only to "nudge along" the re-balancing of an oversupplied global oil market, he said in a Bloomberg interview.

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