DUBAI (Sputnik) — Falih told Al Arabiya broadcaster that production growth in 2017 will be from 200,000 to 300,000 barrels.
The International Energy Agency’s forecast of 500,000 barrels per day increase was exaggerated, he asserted.
19 January 2017, 22:50 GMT
The minister also noted that Saudi Arabia took 1.5 million barrels out of the market in January under an agreement reached by the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC states.
On November 30, 2016 OPEC countries agreed on reducing oil production to 32.5 million barrels per day. Non-OPEC countries agreed to reduce output by 558,000 barrels a day. Russia pledged to cut production by 300,000 barrels a day.
The agreement is effective during the first half of the year and can be prolonged.
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