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Saudi Arabia’s Energy Minister Khalid Al-Falih told reporters at Davos that OPEC will monitor oil output and production to ensure that the agreement to curb output is met by all [Xinhua]
He praised Russia for being ahead of its scheduled reduction pledges.
“We will have a meeting on Saturday and Sunday and [Russian Energy] Minister Novak will be there. He will be administering the ministerial meeting. And I will be there to just make sure that we all have same understanding,” the minister said.
Al-Falih promised that OPEC will monitor oil production and export of complying nations.
But he cautioned that oil prices in the coming year may not hover much above the $50 line mark.
International benchmark Brent Crude fell 1.35 per cent on Wednesday to $54.72 a barrel.
Al-Falih’s estimates come in tandem with a report released by the International Monetary Fund (IMF) in Washington earlier this week in which it said that oil prices will stabilize around $51.20 in 2017 and possibly rise to an average of $53.10 in 2018.
It’s 2017 projection is nearly 20 per cent higher than the 2016 average price.
The BRICS Post with inputs from Agencies
