Saudi Arabia will only agree to limited intervention by OPEC in oil markets, Saudi minister of energy, industry and mineral resources Khalid A. Al-Falih said on Tuesday.
OPEC's December 2016 agreement with non-OPEC members to cut oil production by 1.8 million barrels a day to decrease oversupply has resulted in greater OPEC alignment than ever before, Al-Falih said at the IHS CERAWeek conference in Houston.
However, "history has also demonstrated that intervention in response to structural shifts is largely ineffective, and I believe we in the organization have learned that lesson. That's why Saudi Arabia does not support OPEC intervening to alleviate the impacts of long-term structural imbalances," he said.
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