Global oil market re-balancing quicker than expected

VIENNA-- The Saudi energy minister pointed out that the global oil market is re-balancing faster than expected amid the international output cut deal.

The global oil market is on the way toward re-balancing, which is happening faster than expected, Saudi Energy Minister Khalid Falih told reporters on Sunday.

"I am satisfied. As I have already said, the market is on the way toward re-balancing and that is occurring quicker that it could have been without the declaration of cooperation that we signed with non-OPEC countries," Falih said.

The Organization of the Petroleum Exporting Countries (OPEC) agreed in November 2016 to cut oil production by 1.2 million barrels per day to 32.5 million barrels per day starting 2017.

Non-OPEC countries agreed on production cuts of 558,000 barrels per day, with Russia's share totaling 300,000 barrels per day.

Source; Philippines News Agency