Oil output unlikely to increase drastically in first half of 2017

On November 30, OPEC agreed to impose an oil production ceiling totaling 32.5 million barrels per day to help stabilize the global oil market and raise the prices. Non-OPEC countries that expressed a desire to participate in the agreement, including Russia, are expected to curtail oil production by a total of 600,000 barrels daily.

"We do not expect significant growth in [oil] production in the first half of 2017," the minister told Sky News Arabia broadcaster.

He also confirmed he would take part in the December 10 meeting of the Organization of the Petroleum Exporting Countries (OPEC) and non-cartel oil producers, and said that the recent OPEC agreement on oil production decrease would have a positive effect on all market stakeholders.