Oil producers will cooperate beyond 2018
It was the first time Saudi Arabia, the world's top oil exporter, had publicly stated OPEC and non-OPEC producers would keep cooperating after 2018.
The exact mechanism for cooperation next year has not yet been decided, Falih said, but if oil inventories increase in 2018 as some in the market expect, producers might have to consider rolling the supply cut deal into next year.
"There is a readiness to continue cooperation beyond 2018... The mechanism hasn’t been determined yet, but there is a consensus to continue," Falih said after a meeting of the joint ministerial committee which oversees implementation of the cuts.
The committee comprises Saudi Arabia, Kuwait, Venezuela and Algeria, plus non-OPEC producers Russia and Oman. The United Arab Emirates was also present on Sunday as it holds the presidency of OPEC. ■