Situation on global oil market undoubtedly improved in recent months: Saudi Minister

The situation on the global oil market has undoubtedly improved in the last two months, while OPEC+ states have shown a high level of compliance with the oil production cuts, Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman said on Thursday.

Earlier in the day, the 14th OPEC and non-OPEC Ministerial Meeting started via videoconference. The energy ministers are expected to decide on the future volume of oil production cuts.

"There is no doubt that the global oil market has improved since we last met in January, OPEC+ supply cuts and Saudi Arabia's voluntary extra cut of 1 million barrels per day for the month of February and March have accelerated the balancing process," Salman said at an OPEC+ Meeting.

The energy minister went on to laud the alliance's members for maintaining the high level of compliance with the oil supply cuts and noted that the list of countries that have to compensate for shortcomings in slashing their oil production had shortened. (/Sputnik)

( With inputs from ANI )