Saudi oil output cut importance stressed by government: statement

The Kingdom took a “big hit” in the Saudi oil output cut agreement. Reuters file photo by Ali Jarekji.

Saudi oil output cut deal reached in November

Saudi Arabia stressed on Monday the importance of co-operation among oil producers to abide by a decision in November to cut production.

OPEC agreed in November its first oil output cuts since 2008 after Saudi Arabia accepted “a big hit” on its production and dropped its demand that arch-rival Iran slash output.

“The council (of ministers)…asserted the importance of stability and coordination and increased cooperation between member states and commitment to implement the agreement to cut production reached last November,” the cabinet said in a statement carried by state news agency SPA.

(Reporting by Sami Aboudi; editing by Susan Thomas)