Cooperation between OPEC and non-OPEC countries is bringing balance to the oil market, said Saudi Energy Minister Khalid Al-Falih said on Thursday.
At the Russian Energy Week forum in Moscow, Al-Falih asserted that recovery in the oil market has helped other commodities and industrial products, and overall, has supported the global economic recovery.
"Numbers say it all. We have seen steady production decreases," he said and added, "Demand is healthy around the world in both developed and developing countries and it will continue in 2018."
"Demand characterized by healthy rates worldwide and with the cooperation of 24 countries, new life has been breathed into OPEC," he said.
"We continue to keep our eyes on the road as we bring balance to global energy markets," he stressed.
When oil prices started declining in 2014, it was anticipated that Saudi Arabia would increase oil production resulting in the decline of prices in order that U.S. shale oil producers would reduce their exports.
However, Al-Falih said that Saudi Arabia welcomes the contributions of the U.S. shale sector in the market because of rising demand.
"Shale coming to the market in 2018 doesn’t bother me at all. The market can absorb it," he said.
The Russian Energy Week forum, in which Anadolu Agency is a media partner, runs from Oct. 3 to 7 in Moscow.