Saudi energy minister Khalid Al-Falih said on Saturday that there’s no need to adjust the oil output pact, adding the recent slump in crude prices as an overreaction to statistical glitches, Reuters reported.

 

Last week, oil prices fell 4 percent after the US Energy Information Administration’s latest data pointed to a surprise 3.3 million barrel rise in crude stockpiles to 513.2 million barrels.

 

Al-Falih said the outcome of last month's agreements to extend a global oil cut would "materialize over weeks and months," adding that time will correct last week’s statistical glitch.

 

"I am convinced that the overall trend for the market is that of rebalancing," he told reporters while on a visit to Kazakhstan.

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