Saudi energy minister says oil market on 'right track'

Saudi energy minister

Saudi energy minister

Saudi Arabia's Energy Minister Khalid al-Falih said on Sunday the oil market is "on the right track" and will quickly return to balance, but oil producers are willing to do more if needed.

OPEC and other leading global oil producers led by Russian Federation agreed in December to cut their combined oil output by 1.2 million barrels per day from January to prevent a supply glut and boost sagging prices.

Oil producer group OPEC is not the enemy of the United States, United Arab Emirates Energy Minister Suhail al-Mazrouei said on Saturday in Abu Dhabi.

"As the new 1.2 million barrel cut materializes, we should start to see the impact positively reflected in inventories", he added.

"If we look beyond the noise of weekly data and speculators' herd-like behaviour, I remain convinced that we're on the right track, and that the oil market will quickly return to balance", said Falih, addressing an oil conference in Abu Dhabi.

In addition to discussing the current volatile oil market, al-Faleh also tapped on Saudi Arabia's Vision 2030 project, saying that Vision 2030 is now moving from the planning to the implementation phase, and assuring that "the investment opportunities being unleashed are enormously attractive across virtually all sectors and services".

The Saudi minister also said U.S. shale oil extraction will not lead to market weakness, Al Arabiya news channel reported.

Falih said that secondary sources suggest OPEC production in December was already more than 600,000 barrels per day lower than in November.

Hook added that the U.S. was able to do so, because of the close cooperation with Saudi Arabia, who has helped ensure a stable and well supplied oil market.

Notícias recomendadas

  • Final season of ’Game of Thrones’ to debut on April 14

    Final season of ’Game of Thrones’ to debut on April 14

    As they stop at the end of the tunnel, they are faced with three statues that look almost identical to them. The teaser gave us a glimpse of the three Starks and fans are both excited and nervous for what's to come.
    Zim fuel price hike sparks outrage

    Zim fuel price hike sparks outrage

    Fast-food company Simbisa Brands Ltd. said last month it would give customers a discount if they paid in hard currency. The CZI said the country need its own currency and wants a clear time frame as to when this will happen.
    Cadillac shocks Detroit Auto Show with electric SUV preview

    Cadillac shocks Detroit Auto Show with electric SUV preview

    For now, scope out the two images and stay tuned to AutoSpies.com as we update the site tonight and into tomorrow. That would be an all-new, fully electric vehicle for Cadillac .
  • Chinese court sentences Canadian to death

    Chinese court sentences Canadian to death

    The retrial on Monday was attended by about 70 observers including a small group of foreign journalists. Beijing has repeatedly denied any diplomatic pressure behind Schellenberg's case.
    Filmmaker Rajkumar Hirani accused of sexual assault

    Filmmaker Rajkumar Hirani accused of sexual assault

    Hirani has made popular films like the Munna Bhai series, 3 Idiots and PK. "I can assure you that I will do what is ethical". IANS tried reaching out to Hirani, Anupama Chopra and Abhijat Joshi but got no response.
    Samsung’s Galaxy S10 and Foldable Phone Could Launch Next Month

    Samsung’s Galaxy S10 and Foldable Phone Could Launch Next Month

    To demonstrate the new software design, Samsung uploaded a number of different images of an unspecified handset. Such a device is expected to forgo some premium features in exchange for its more appealing price point.
  • United Kingdom  family forced to sit on floor on flight

    United Kingdom family forced to sit on floor on flight

    A family returning from a holiday in Spain was forced to sit on the floor of a TUI jet after being told their seats did not exist. Tui said the family were offered the full £1,300 of the flight to be refunded and £30 as a "goodwill gesture".
    Pogba aims a dig at Mourinho tactics after latest Manchester United win

    Pogba aims a dig at Mourinho tactics after latest Manchester United win

    Pogba's ball encapsulated the change in mood and performance at United since Solskjaer replaced the sacked Mourinho last month. If this continues, he is going to become a serious contender for the top job on a permanent basis.
    Trudeau accuses China of ignoring detainee’s ‘diplomatic immunity’

    Trudeau accuses China of ignoring detainee’s ‘diplomatic immunity’

    Canada arrested Meng after a request from the US , with which it has an extradition treaty. She is out on bail in Canada and awaiting a bail extradition proceeding next month.
  • Behind LaMarcus Aldridge’s career-best 56, Spurs outlast Thunder in 2OT

    Behind LaMarcus Aldridge’s career-best 56, Spurs outlast Thunder in 2OT

    The Spurs have won six of seven and 14 of 18 to close within a game of the Thunder for third place in the Western Conference. LaMarcus dropped a career-high 56 points, 16 of which came from his flawless free-throw shooting on the night.

    Fatal avalanches in Austrian Alps

    The deaths over the weekend bring the total to at least 26 weather-related deaths reported in parts of Europe this month. Police said the four friends had apparently skied onto a trail that was closed.
    Cargo plane crashes in Iran with several onboard

    Cargo plane crashes in Iran with several onboard

    Iranian media said the crew of the flight included anywhere from eight to 16 people, with seven bodies already recovered. Conservative news agency Tasnim said it was a military cargo plane carrying meat from the Kyrgyzstan capital of Bishkek.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.