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Saudi energy minister comments on OPEC+ work

October 05, 11:30 UTC+3

The OPEC+ agreement has reached its goal, prices have stabilized, says the Saudi energy minister

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© Viktor Drachev/TASS

MOSCOW, October 5. /TASS/. The work of OPEC + cannot be completed until the market reaches rebalancing, Khalid Al-Falih, Minister of Energy, Industry and Mineral Resources of Saudi Arabia, said at the Russian Energy Week forum

"Economic recovery (as a result of the implementation of the OPEC + agreement - TASS) is not only a success for us, but also a big responsibility. We will not be satisfied with what we have. Until we reach the appropriate level of balance, until this goal is achieved we cannot finish our work," he said, speaking at the plenary session with Russia’s Energy Minister.

Al-Falih said that to him the success of the agreement is "absolutely obvious."

"We are witnessing a gradual decline in global reserves: in the fourth quarter of this year, the supply in the market will be less than demand, the reserves in floating storages are gradually vanishing disappear," he explained. He also noted that he is much more optimistic about the future of the market than two or three years ago.

The Saudi minister also reiterated that he does not fear growth of shale mining in the US. According to his expectations, in the near future the growth of shale production will correspond to the growth of demand.

The OPEC+ agreement has reached its goal, prices have stabilized, economic indicators have improved, he went on. 

"All the agreements between the OPEC+ countries achieved their goals. Oil prices stabilized, in general this all led to improved economic situations in our countries," he said.

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