Middle East Saudi energy minister says no plans to break up OPEC

Saudi energy minister says no plans to break up OPEC

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Saudi Energy Minister Khalid al-Falih addresses the gathering during India Energy Forum in New Delhi, India, October 15, 2018.

Saudi Arabia is not preparing for a break up of OPEC and believes the group will remain the global central bank for oil for a long time, Saudi Energy Minister Khalid al Falih said on Monday.

Saudi Arabia’s top government-funded think-tank has been studying the possible effects on oil markets of a breakup of OPEC, the Wall Street Journal reported on Thursday, citing people familiar with the matter.

Falih said the think-tank was just trying “to think outside the box” and analyze all scenarios but added that the Saudi leadership has “no consideration whatsoever to eliminate OPEC.”