March 17, 2019 / 8:43 AM / 3 months ago

Saudi Falih optimistic on continued commitment to OPEC+ oil supply cut

FILE PHOTO: Saudi Arabia's Energy Minister Khalid al-Falih speaks during the Saudi-India Forum in New Delhi, India, February 20, 2018. REUTERS/Anushree Fadnavis/File Photo

BAKU (Reuters) - Saudi Arabia’s energy minister said on Sunday he was optimistic about continued commitment to the oil supply cut agreement between OPEC and non-OPEC members.

“I am obviously optimistic that implementation of our OPEC+ agreement will improve, it’s already strong by historical standards,” Khalid al-Falih said on the sidelines of the joint ministerial monitoring committee meeting in Baku.

Overall conformity with the cuts in the first two months of this year are less than levels seen in 2017 and 2018 but the oil producers “will catch up very soon,” he told reporters.

Saudi Arabia along with other oil producers such as Azerbaijan will continue to work together to manage oil market stability, he said.

“We will not allow energy security to be challenged by any event, but at the same time we will not leave investors, and oil and gas companies to stay bewildered not knowing what tomorrow is going to bring in terms of stable environment where investments can flow to the sector,” he told reporters.

Reporting by Nailia Bagirova, Rania El Gamal and Vladimir Soldatkin, Writing by Nafisa Eltahir; Editing by Toby Chopra

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