Saudi Oil Minister: Many Non-OPEC Countries Willing To Join Output Deal

Saudi Arabia's oil minister Khalid Al-Falih said on Wednesday many countries outside the Organization of the Petroleum Exporting Countries are willing to join an output deal to help stabilize the oil market. Speaking at the "Oil & Money" conference in London on Wednesday, the Saudi official said many discussions are going on behind the scenes about how to implement the deal agreed in Algiers last month, striking an upbeat tone the pact will go through. "Non-OPEC is showing willingness to join this effort. And without mentioning names, many countries have said they are willing to not only freeze, but cut at healthy levels that will match whatever is going to happen by OPEC," he said. Russian President Vladimir Putin last week said his country was ready to support a production accord to limit output. Oil prices jumped on Wednesday following Al-Falih's comments, with crude oil up 1.5% at $51.06 a barrel.