Saudi Arabia’s oil minister,Khalid Al-Falih is confident that an agreement by producers to curb crude output and shrink a market glut will be extended into the second half of the year and possibly beyond.
Al-Falih said this at the Asia Oil and Gas Conference in Kuala Lumpur, Malaysia.
He hoped that global oil market will soon re-balance and return to a healthy state.
But U.S. shale output growth and the shutdown of refineries for maintenance have slowed the impact of cuts by OPEC and its partners.
Surging U.S. production has raised concerns on the Organization of Petroleum Exporting Countries and partners.