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.
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Surging U.S. production has raised concerns on the Organization of Petroleum Exporting Countries and partners.
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