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.
"We expect the impact ... in terms of fundamentals to take several months to be reflected on the market," Falih told reporters on the sidelines of an event at Saudi Aramco.
"It is an unprecedented move (between Opec and non-Opec) that will be followed, God willing, by very high commitment and we will see the effect during 2017... in supply-demand rates and a drop in the glut," he said.
Opec and non-Opec producers on Saturday reached their first deal since 2001 to curtail oil output jointly and ease a global supply glut after more than two years of low prices.
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