Many non-OPEC countries agree to reduce oil production - Saudi Arabia's Energy Minister

LONDON. KAZINFORM - Many countries that are not members of the OPEC agree to not merely limit but also to cut oil production, Saudi Arabia's Energy Minister Khalid Al-Falih said on Wednesday at Oil & Money conference, TASS reports.

It is "equally important that non-OPEC is showing willingness to join, is willing not only freeze but cut production," the Minister said.

Al-Falih did not detail what countries he referred to.

OPEC member-states managed to agree oil production limit of 32.5-33 mln barrels per day at the informal meeting in Algeria in late September. The first meeting of the OPEC special committee for implementation of arrangements to limit oil production will take place on October 28-29 in Vienna.

Oil demand

Al-Falih went on to say that the global oil industry is close to end of decline.

"We are at the end of considerable downturn in oil industry," the minister said, adding that the market is clearly rebalancing now. The demand for oil is growing, Al-Falih said.

Source: TASS