Oil and Gas

Saudi Arabia's energy minister Falih sees faster fall in oil stocks in next 3-to-4 months

Key Points
  • Follows remarks on Saturday of no need to review output cuts for now
  • Speaking in Kazakhstan
Men work for Iraqi Drilling Company at Rumaila oilfield in Basra, Iraq,
Essam Al-Sudani | Reuters

A drawdown in crude oil inventories will accelerate in the next three to four months, Saudi Arabian Energy Minister Khalid al-Falih said on Sunday.

On Saturday, Falih said there was no need to review an oil output cut pact between OPEC and allies led by Russia for now.

Falih, speaking to reporters in the Kazakh capital of Astana, also said Saudi Arabia planned to grow exports to the United States in the long-term.

"The U.S. market will always be key (to us), in the long term we will continue and grow exports to the Unites States, today the United States is well supplied," Falih told a briefing.