Saudi Arabian Energy Minister Khalid Al-Falih. Image courtesy of Stanford Graduate School of Business/Youtube.

Saudi Arabian Energy Minister Khalid Al-Falih said on Monday that some non-OPEC producers are willing to join the group’s production cut agreement.

According to Bloomberg, Al-Falih said during a speech at the Oil & Money conference on Wednesday that non-OPEC members have expressed interest in signing on to the deal.

However, Al-Falih did not name the countries that have expressed interest in joining the agreement.

Al-Falih said that Saudi Arabia will decide on how large its production cuts will be in collaboration with other members, Bloomberg said.

Al-Falih added during his talk that OPEC members will continue negotiating the deal until the group’s next scheduled meeting on November 30.

Mexico and Norway, who have both participated in past OPEC production deals, have said they will not sign on to the proposed cuts, according to Bloomberg.

Rosneft CEO Igor Sechin suggested last week that his firm is also reluctant to participate in the production agreement.

OPEC has proposed cutting production to between 32.5 million and 33 million barrels per day, down from a record-breaking 33.36 million bpd in September.

OPEC Secretary General Mohammed Barkindo told Reuters last week that a production cap would likely be in place for six months and then reviewed.

Details about how the cuts will be allocated among OPEC’s 14 members have not been disclosed yet.

Al-Falih told Reuters last month that the deal will allow Iran, Libya and Nigeria to produce “at maximum levels that make sense.”


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