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Austria: Saudi Energy Minister hoping to strengthen ties with Trump administration01:39

Austria: Saudi Energy Minister hoping to strengthen ties with Trump administration

Austria, Vienna
January 22, 2017 at 13:21 GMT -00:00 · Published

Khalid al-Falih, Saudi Energy Minister (English): "No, I've said 1.5 [million barrels] we see the evidence of. Everybody has declared their full commitments so for all I know, and I still hope in February we are going to get 100-percent compliance, and possibly more. All I said is with that I can count on the back of the envelope, just when I was asked that question, is approximately 1.5 [million barrels] that has been demonstrated through concrete communication with customers and through lifting and loading data. The other 300,000, for all I know, is still happening. We just haven't seen the evidence. But that committee will have the evidence. In February, it will be announced."

Austria: Saudi Energy Minister

Saudi Energy Minister Khalid al-Falih pledged to work on strengthening energy ties with the US under President Donald Trump's administration, when speaking to press ahead of the first compliance session, held by representatives of OPEC member states and non-OPEC nations at the Organisation of the Petroleum Exporting Countries (OPEC) headquarters, in Vienna, Sunday.

Al-Falih noted that Saudi Arabia looked forward to "working closely, cooperatively and in a very constructive way with the new incoming administration" while stressing that "the positions that Saudi Arabia and the US take in global energy is very important for global economic stability."

When speaking to press, the Saudi energy minister was also challenged by a journalist who speculated about Saudi Arabia's alleged failure of full compliance with OPEC's decision to cut oil output, noting that the country had curbed 1.5 million barrels instead of the agreed 1.8 million. To which, Al-Falih said, "No, I've said 1.5 [million barrels] we see the evidence of" before adding that "everybody has declared their full commitments so for all I know, and I still hope in February we are going to get 100-percent compliance, and possibly more."

The ministerial monitoring committee, chaired by Kuwait from the OPEC side and Russia from the non-OPEC side, is expected to review the level of the oil output reduction and discuss the best tools to ensure the compliance mechanism. Respective nations' energy ministers were uniformly positive on the organisation's ability to cut oil output, thus implementing the stipulations of a deal reached among member states last December.

Last December, 24 OPEC and non-OPEC countries agreed to curb global oil output in a landmark deal dubbed as a 'Declaration of Cooperation' in Vienna. The accord is aimed at reducing stock overhang and rebalancing the oil market by curbing crude outcome by some 1.8 million barrels per day, starting from January 1st, 2017, for the first 6 months of the year. In May, the cartel is expected to convene in order to decide on the extension of the output reduction measures together with non-OPEC countries.

Austria: Saudi Energy Minister hoping to strengthen ties with Trump administration01:39
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Khalid al-Falih, Saudi Energy Minister (English): "No, I've said 1.5 [million barrels] we see the evidence of. Everybody has declared their full commitments so for all I know, and I still hope in February we are going to get 100-percent compliance, and possibly more. All I said is with that I can count on the back of the envelope, just when I was asked that question, is approximately 1.5 [million barrels] that has been demonstrated through concrete communication with customers and through lifting and loading data. The other 300,000, for all I know, is still happening. We just haven't seen the evidence. But that committee will have the evidence. In February, it will be announced."

Austria: Saudi Energy Minister

Saudi Energy Minister Khalid al-Falih pledged to work on strengthening energy ties with the US under President Donald Trump's administration, when speaking to press ahead of the first compliance session, held by representatives of OPEC member states and non-OPEC nations at the Organisation of the Petroleum Exporting Countries (OPEC) headquarters, in Vienna, Sunday.

Al-Falih noted that Saudi Arabia looked forward to "working closely, cooperatively and in a very constructive way with the new incoming administration" while stressing that "the positions that Saudi Arabia and the US take in global energy is very important for global economic stability."

When speaking to press, the Saudi energy minister was also challenged by a journalist who speculated about Saudi Arabia's alleged failure of full compliance with OPEC's decision to cut oil output, noting that the country had curbed 1.5 million barrels instead of the agreed 1.8 million. To which, Al-Falih said, "No, I've said 1.5 [million barrels] we see the evidence of" before adding that "everybody has declared their full commitments so for all I know, and I still hope in February we are going to get 100-percent compliance, and possibly more."

The ministerial monitoring committee, chaired by Kuwait from the OPEC side and Russia from the non-OPEC side, is expected to review the level of the oil output reduction and discuss the best tools to ensure the compliance mechanism. Respective nations' energy ministers were uniformly positive on the organisation's ability to cut oil output, thus implementing the stipulations of a deal reached among member states last December.

Last December, 24 OPEC and non-OPEC countries agreed to curb global oil output in a landmark deal dubbed as a 'Declaration of Cooperation' in Vienna. The accord is aimed at reducing stock overhang and rebalancing the oil market by curbing crude outcome by some 1.8 million barrels per day, starting from January 1st, 2017, for the first 6 months of the year. In May, the cartel is expected to convene in order to decide on the extension of the output reduction measures together with non-OPEC countries.

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