Al-Falih made the remarks at an oil conference in Abu Dhabi, the capital of the United Arab Emirates.
Goldman Sachs Group Inc. said there's no fundamental evidence in the oil market to justify the slide, which was driven by technical indicators. "Russia is on board preliminarily and compliance from Russian Federation is very good".
"Producers unintentionally accelerated activities that would ultimately obstruct, and for a period reverse, the very rebalancing they were trying to accelerate", said Ed Morse, head of commodities research at Citigroup.
"We are optimistic the policy measures have already placed us on the path of recovery", Barkindo said in a speech.
OPEC is keen that non-member producers play their promised part in supporting the group's efforts to lift prices, which have recovered to $53 a barrel from lows previous year below $30. Earlier this month, Novak said that the ministry will start discussing Russia's possible participation in the production cut extension that is now being negotiated by OPEC members in order to increase prices further, having failed to push them up to $60 a barrel since the start of the year.
OPEC and Russian Federation haven't reached a final agreement on extending output limits. OPEC, under Saudi leadership, appears determined to see through its efforts to drain global inventories back to five-year average levels, but it is also keeping a wary eye on the impact of higher crude prices on the United States shale patch.
Global crude supplies remain above the five-year averages which OPEC has targeted bringing stocks down to.
OPEC seems to be encouraged by the contribution of non-OPEC producers to the output cuts.
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Mohammed Al Rumhy, Oman's energy minister, said he expected the entire non-Opec group to agree to an extension, noting that Russian Federation and Iran have made preliminary pledges.
"As we see now the situation is gradually improving from the beginning of March", said Novak.
Moscow has not stated whether it supports prolonging the curbs, although Energy Minister Alexander Novak said this month that Russian Federation would soon start consultations with its own oil producers about the possibility of doing so.
One African country has expressed interest in joining, Marzouq said, without identifying it.
That six-month deal is about to expire and investors are trying to parse whether it'll be extended amid perennial geopolitical tensions and overlapping strategic market interests. Many have been predicting a sustained rally and leaders of the Organization of the Petroleum Exporting Countries even came out this week to suggest further output cuts.
USA oil prices plunged the most in six weeks on Wednesday after US government data showed supplies remain plentiful. If it continues its output cap, USA shale producers will fill the void.
"Iran is not an issue". Joint talks with non-OPEC oil ministers will also take place that day, two sources said.
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