Riyadh – Mubasher: The decline in crude oil inventories will accelerate in the next three to four months, Reuters reported, citing Saudi Arabia's minister of energy, industry, and mineral resources, Khalid Al Falih.

Al Falih said on Sunday that his country will increase oil exports to the US in the long-run.

Speaking to reporters during a visit to Kazakhstan on Saturday, Al Falih stated that there was no evidence that the global oil producers' pact needs to be adjusted at this time, describing the recent weakness in crude prices as the market overreacting to statistical glitches.

It is unlikely that the diplomatic rift with Qatar will affect the agreement signed between the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC members to reduce production, the minister noted.

"I am convinced that the overall trend for the market is that of rebalancing," he said.

Earlier in May, OPEC members decided to extend the agreement to trim oil production for nine months. The deal will, accordingly, end in March 2018.