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ASTANA, June 10 There is no evidence a pact by
global oil producers to curb output needs to be adjusted, Saudi
Arabian Energy Minister Khalid al-Falih said on Saturday,
describing the recent weakness in crude prices as an
overreaction to statistical glitches.
Falih also said the decision by Saudi Arabia and some of its
allies to cut ties with Qatar this week would not affect the oil
"I don't expect the diplomatic and political issues that
have surfaced with Qatar to have any impact whatsoever on the
oil production agreement," he told reporters in Kazakhstan.
Crude prices fell about 4 percent this week after U.S. data
showed a surprise 3.3 million barrel rise in crude inventories
to 513.2 million barrels.
Falih said the data was a "local phenomenon".
"Time will correct for this statistical glitch that we saw
last week," he said, adding that the results of last month's
agreements to extend a global production cut would "materialise
over weeks and months".
"I am convinced that the overall trend for the market is
that of rebalancing," he said.
Falih said he would discuss the oil market with Kazakh
Energy Minister Kanat Bozumbayev and Russian counterpart
Alexander Novak in the Kazakh capital later on Saturday.
"My expectation is that all three countries will continue to
support the agreement fully," he said.
(Reporting by Olzhas Auyezov; editing by David Clarke)