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Saudi’s Al Falih says global oil market on track

Saudi’s Al Falih says global oil market on track

Riyadh – Mubasher: Saudi Arabia’s minister of energy, industry, and mineral resources on Sunday said that the global oil market was on track.

Speaking to CNBC at the Global Energy Forum in Abu Dhabi, Khalid Al Falih affirmed that members and non-members of the Organization of Petroleum Exporting Countries (OPEC) would meet output cut requirements to balance the oil market this year. Although, he said the pace was slower than he had anticipated.

"We've already done it, we've done enough," Al-Falih told CNBC. "Not only the kingdom but other countries, we've heard from the Emirates, I've talked repeatedly to my colleagues in Iraq, they've already taken action," he stated.

As for the largest non-OPEC producer which has repeatedly taken part in OPEC cuts, the Saudi energy minister said: "Russia has started, slower than I'd like, but they've started, and I am sure as they did as in 2017 they'll catch up and be a positive contributor to re-balancing the market."

Al Falih’s comments come as a reiteration to UAE energy minister Suhail Al Mazrouei’s statements the previous day during the same event.

On Saturday, Al Mazrouei said that the average price per barrel for 2018 was $70, which he said was good for investments.

The top official also expected 2019 to be a good year for oil, with a price correction to be achieved sometime in the first half of the year.

As for a meeting pre-April meeting for OPEC members and non-members, the UAE minister said that there would be no need for one.

In the upcoming April meeting, OPEC and its allies would decide on the collective’s output policy for the rest of 2019.