Saudi minister of energy said on Sunday that Riyadh went beyond its commitment to lowering both the production and export of oil over the last couple of months, Alarabiya TV reported.
During the third edition of the Atlantic Council Global Energy Forum held in Abu Dhabi, Minister of Energy, Industry and Mineral Resources Khalid al-Falih said: "Secondary sources suggest that OPEC production in December was already more than 600,000 barrels per day lower than in November."
"As the new 1.2 million barrel cut materializes, we should start to see the impact positively reflected in inventories," he added.
On market concerns, al-Falih said the oil market is on the right track and will soon return to balance.
According to the Saudi minister, Riyadh plans to be number two in phosphate production and top aluminum producer, as well as the tenth producer of gold worldwide.
Editor:Cherie
