Saudi's Falih: we don't want to engage in race to up oil output

A return to the price-crash environment of 2014-15 was deemed unacceptable.
Friday 07/06/2019
Russian Energy Minister Alexander Novak (R) and Saudi Energy Minister Khalid al-Falih attend a session of the St. Petersburg International Economic Forum, Russia June 7, 2019. (Reuters)
Russian Energy Minister Alexander Novak (R) and Saudi Energy Minister Khalid al-Falih attend a session of the St. Petersburg International Economic Forum, Russia June 7, 2019. (Reuters)

ST. PETERSBURG - Saudi Energy Minister Khalid al-Falih on Friday said he is unwilling to engage in a race to increase oil output to compensate for lower prices, saying a return to the price-crash environment of 2014-15 is simply unacceptable.

Speaking at an economic forum in St Petersburg, Russia, Falih said that perfect stability on the oil market had not been achieved and the market was being influenced by factors outside "our" control.

(Reuters)