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VIDEO: Saudi oil chief says oil supply picture mixed

Saudi Arabia Energy Minister Khalid Al Falih updates the latest on OPEC’s output agreement as member nations met in St. Petersburg, Russia, on Monday.

Al Falih said that the oil markets, in terms of demand, are very healthy and they are broad based in OECD as in non OECD countries.

In terms of developing countries, he added, China and India have been performing well and it is forecasted that they continue to grow for the remainder of 2017 and for 2018. “The US which is the world’s largest oil products market is also picking up and we have seen healthier numbers than many have anticipated,” he said.

Read: What happens if OPEC maintains current levels of production?

He noted that in terms of supply the picture is mixed and there have been unexpected developments.

“If we look at the 24 countries that are obligated to comply with agreements, media resources and industry experts reported an overall aggregate conformity of 98 percent over the last 6 months,” he said.

“Some countries have done more than others and throughout our meetings we have had serious discussing with countries that are not performing as well as others. There are mechanisms to bring these countries fully in conformity to their commitment which will happen if we get those countries lagging to meet and exceed as many countries have done,” he added.