Al-Falih: Oil stocks have fallen but producers should not be satisfied

Al-Falih: Oil stocks have fallen but producers should not be satisfied

Saudi Oil Minister Khalid Al-Falih said on Thursday that oil inventories have declined steadily over the past 15 months. He said compliance with the global oil deal was 145 percent in March. Al-Falih said that producers can not be satisfied with this, pointing out that investments in the oil sector are still low. He added that the level of oil investment is not appropriate at all, and should attract capital to oil investments instead of targeting a specific price of crude. Faleh said that cooperation between OPEC and independents should be strengthened after the current agreement, which is important to restore market confidence. The market should continue to be monitored while meeting the production targets.

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