MUSCAT: Saudi Arabia's energy minister urged global oil producing nations on Sunday to extend their cooperation beyond 2018, but said this might mean a new form of deal rather than continuing the same supply cuts that have boosted prices in recent months.It was the first time that Saudi Arabia had publicly raised the possibility of a new form of coordination among oil producers after 2018. "We shouldn't limit our efforts to 2018 - we need to be talking about a longer framework of cooperation," Falih said. "I am talking about extending the framework that we started, which is the declaration of cooperation, beyond 2018. "Falih said the global economy had strengthened while supply cuts - in which Saudi Arabia has shouldered by far the largest burden - had shrunk oil inventories around the world. OPEC and other producers led by Russia are next scheduled to meet to discuss oil policy in June.Oman's oil minister Mohammed bin Hamad al-Rumhi said producers would discuss in November whether to renew their supply agreement or enter a new type of agreement.

Source: The Star January 21, 2018 08:48 UTC