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