Saudi Arabia's Falih says OPEC should not crimp supply too tightly

Khalid al-Falih
Fayez Nureldine | AFP | Getty Images

Saudi Arabia's Energy Minister Khalid al-Falih said on Monday that OPEC needs to ensure it does not crimp oil supply too tightly and give the market a harmful shock, and said he was optimistic a production deal could be reached by November.

Speaking at the World Energy Congress in Istanbul, Falih said OPEC needed to behave in a balanced and responsible manner and that he continued to believe in its important role.

OPEC officials are embarking on a flurry of meetings to nail down details of their deal to cut production agreed last month in Algiers.