23/12/2016at 12:27

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.

BY MAHMOUD HABBOUSH, VIVIAN NEREIM, AND WAEL MAHDI, BLOOMBERG

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.

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Crude soars as output deal weighs on bonds; China shares tumble
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Russia and Saudi Arabia are pushing up the oil price
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Strong doubts about OPEC deal viability
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Photo: Jim Vondruska/Reuters/Ritzau Scanpix

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