At the OPEC Monitoring Committee meeting in Baku, Azerbaijan, Saudi Energy Minister Khalid al-Falih expressed confidence that OPEC and its non-OPEC partners would reach full conformity with the deal on production cuts, and even exceed it, in weeks to come.
Inventories levels and oil investments are the main factors guiding the group's action, he told reporters. The US is not trying to put pressure on OPEC to force the organization to increase production, he noted.
The countries that have not fulfilled 100% of the terms of the deal agreed to increase a volume of production cuts in the near future, al-Falih explained.
