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6/19, 7:31 AM (Source: TeleTrader.com)
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Saudis' Al-Falih: Output cut compliance tops 100%

Fundamentals in the global oil market are heading in the right direction, but rebalancing will still take time, said Khalid al-Falih, Saudi Arabian energy minister. Speaking to London-based news outlet Asharq al-Awsat, he added cuts implemented by the Organization of Petroleum Exporting Countries and a group of major producers led by Russia at the beginning of the year are yet to show effect.

In the article published on Monday, Al-Falih stressed the compliance to the deal rose above 100% in April and May, but that the surplus from bloated stockpiles is still massive. Libya's output level should return to normal, he stated and claimed the country shouldn't be pressurized to slow the pace of recovery in its industry of crude. 

TeleTrader Newsroom / IT