Energy ministers from Opec and non-Opec countries meeting in Vienna have struck a positive note regarding their agreement to cut oil output as a committee set to monitor compliance with the deal meets for the first time.
Saudi Arabia will adhere strictly to its commitment to cut output under the global agreement among oil producers, its energy minister said on Monday, expressing confidence that Opec's plan to prop up prices would work.
Saudi Arabia's Energy Minister Khalid al-Falih said on Wednesday it would take some time for the market to recover after a global oil deal between Opec and rival producers to limit supplies.
Saudi Arabian Energy Minister Khalid al-Falih is expected to travel to the Qatari capital, Doha, this week for meetings with oil-producing countries on the sidelines of an energy forum, three sources familiar with the matter said.
Saudi Arabia's Energy Minister Khalid al-Falih will not attend meetings on Wednesday between OPEC and non-OPEC countries in Istanbul but told Reuters he saw signs that countries outside OPEC were willing to contribute to balancing the oil market.
Russia, the world's top oil producer, is consulting with Saudi Arabia and other producers to achieve oil market stability, Energy Minister Alexander Novak said.
Saudi Arabia hopes that slower global growth will not trigger a fall in the current healthy demand for oil, Energy Minister Khalid al-Falih told a German newspaper in an interview, adding oil prices of around $50 per barrel were too low.
Saudi Arabia's new energy minister said on Sunday the world's largest crude exporter was committed to meeting demand for hydrocarbons from its customers and would maintain its petroleum policies.