After two days of meetings in Houston at the CERAWeek by IHS Markit conference, Al-Falih said he and other ministers had bilateral and other meetings and were committed to their accord to remove 1.8 million barrels from the market.
The global oil industry, including major shale players, were present at the week-long conference, and the question repeatedly for OPEC members and Russia were whether there was compliance to the agreement and whether it might be extended in May.
Flanked by Russian Energy Secretary Alexander Novak, OPEC Secretary General Mohammad Sanusi Barkindo, Iraq Oil Minister Jabbar Ali Al-Luiebi and Mexico's deputy oil minister Aldo Flores-Quiroga, Al-Falih said he was satisfied with the progress.
Al-Falih said he was also quelling concerns raised in Houston about shale production. There had been much talk about whether the resurgence of shale drilling would impact the OPEC agreement, which has stabilized oil prices above $50 per barrel.
"The comeback of shale to a certain degree is not only welcome and acceptable but is necessary because of demand growth and the decline elsewhere," Al- Falih said.