Khalid al-Falih

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Last quote by Khalid al-Falih

We would do it in six months but then we'd have a seasonal build [of supply] in the first quarter which could undo what we've done so we went for the safe bet of extending to nine months.feedback
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May 25 2017 OPEC
Khalid al-Falih has been quoted 70 times. The one recent article where Khalid al-Falih has been quoted is Opec meeting: oil price falls as Saudi Arabia rules out deeper output cuts. Most recently, Khalid al-Falih was quoted as having said, β€œIt seems highly likely, although we can never be certain until the decision is made, that we're going to roll over with the same terms over a nine-month period.”.
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Khalid al-Falih quotes

Green shoots are here in the U.S. and maybe growing too fast. I am moderating the watering of green shoots.feedback

All of us realize that such an expanded network of producers with a larger share of global production is the only way to achieve a constructive, stable market for all.feedback

We welcome the new administration's attention to strategic energy issues. I personally look forward to working with the new administration.feedback

It's not a matter of whether the U.S. should or shouldn't invest in its shale and contribute to the global market supply base. It's the pace at which it can supply. OPEC obviously will not indefinitely reduce its production and market share to make room for that. So we need to find that balance and grow in line with the market.feedback

Though I would caution that my optimism should not tip investors into what I would call irrational exuberance or wishful thinking that OPEC or the kingdom will underwrite the investments of others at our own expense and long-term interests.feedback

History has also demonstrated that intervention in response to structural shifts is largely ineffective, and I believe we in the organization have learned that lesson. That's why Saudi Arabia does not support OPEC intervening to alleviate the impacts of long-term structural imbalances. In light of improving fundamentals, whose effect has been amplified by the OPEC and non-OPEC cooperation framework, I am optimistic about the global market outlook in the weeks and months ahead.feedback

It will probably be done concurrently, but we have not announced. We are evaluating. All our options are open.feedback

We had billions of dollars invested in refining and distribution in the United States and we may be increasing that investment on the back of pro-industry, pro-oil and gas policies of the Trump administration in the U.S.feedback

President Trump has policies which are good for the oil industry and I think we have to acknowledge it. We have no problem with the growth of American indigenous oil supply. I have said it repeatedly as long as they grow in line with global energy demand, we welcome them.feedback

I have very little doubt that supply to market will come in for January just under 10 million barrels per day. That's as good as it gets at this point in time.feedback

We have not reduced the number of drilling rigs during the crisis. Around 220 oil rigs are in operation. Aramco can capitalise on low production costs to increase funding for these ongoing investments from its own resources, and they have absolutely not been affected by the drop in prices.feedback

I believe if the investment flows that we have seen the last two or three years continue in the next two or three years, we will have a shortage of oil supply by 2020.feedback

We know, from what we have seen in the last couple of years, that prices around the current level and below are not attracting enough investment. We know the level of decline, natural decline, that existing production is undergoing, and we know that demand is picking up at, you know, 1.2 to 1.5 million barrels a year.feedback

So between increase in demand and natural decline, we need millions of barrels every year to be brought to the market, which requires massive investment.feedback

Saudi Arabia in 10, 15 years will be quite, in a positive way, dramatically different than the Saudi Arabia of the past. It will be quite a diverse economy, with a diverse energy mix, as well, with a young workforce that is productive and contributing for their own well-being, and for Saudi Arabia, and indeed for our region and beyond.feedback

It is not unique to our country to feel a certain level of anxiety (about tensions). But there is a lot of wisdom on both sides... I hope this anxiety will prove unfounded.feedback

The two largest economies need to sort out their differences for the wellbeing of the global community.feedback

Many countries are actually going the extra mile and cutting beyond what they've committed ... I am confident about the impact ... and I am very encouraged about those first two weeks.feedback

My expectations (are)...that the rebalancing that started slowly in 2016 will have its full impact by the first half. Once we get close to the 5-year average of global stocks and inventories we will basically let our foot off the brakes and let the market do its thing.feedback

We will connect to Africa to exchange non-fossil sources of energy.feedback

We have been moving towards rebalancing the markets for some time. Even better, the pace of rebalancing will be accelerated by recent production agreements within OPEC and outside. I have confidence in these agreements to bring stability to the global markets.feedback

I am confident that the combination of capping production by 25 countries and growth of demand will continue to balance and prices will respond accordingly.feedback

The intent by all those who participated is to contribute to drawing down oil inventories that are excessive. And whether the reduction in that over-supply comes from deliberate intervention – like it is the case in Saudi Arabia – or by simply managing the decline in a way that makes them meet this agreement is left to the countries themselves.feedback

We will know the exact numbers tomorrow but I am expecting about 10 to 11 countries to be on the final declaration with specific numbers.feedback

We have agreed to a waiver from a cut to Iran in recognition of the impact of the sanctions on their economy and their industry.feedback

We expect the level of demand to be encouraging in 2017, and the market will reach balance in 2017 even if there is no intervention by OPEC. But OPEC intervention aims to expedite this balance and the market recovery at a faster pace.feedback

I'm still optimistic that the consensus reached in Algeria for capping production will translate, God willing, into caps on states' levels and fair and balanced cuts among countries.feedback

If you think of economies like India and China and other energy intensive economies, I think the U.S. has a lot more flexibility to meet Paris with less sacrifices.feedback

The U.S. already enjoys a competitive advantage in terms of its energy costs and I think, given what is happening in technology and renewables, especially in the US capabilities in that regard, I think the U.S. will find that provided everybody lives by Paris, the U.S. would retain if not improve its global competitive position.feedback

It's not simply their duty, it's in their interest.feedback

It is common that once presidents start governing then a lot more substance comes out.feedback

By holding his ground, minister al-Naimi was not necessarily protecting Saudi Aramco, he was protecting the kingdom from having substantial value drained away in those transactions.feedback

Their contribution to stabilisation could be as significant as those made by OPEC members.feedback

Market forces are clearly working after a testing period of sub-$30 prices. The fundamentals are improving and the market is clearly balancing the supply and demand equation.feedback

We want some clarity on where those producers are as we approach the meeting in November.feedback

I can say that many countries from outside OPEC are willing to join ... we are not talking about support, we are talking about contribution.feedback

I think, OPEC needs to make sure we don't crimp too tightly and create a shock to the market. Like I said, we want to be very responsible, if prices have dropped too low. That has an impact on investment, many companies are hurting. Many countries are hurting. That needs to be relieved. But at the same time we don't want to give the market the opposite signal and shock markets or prices because that could be harmful.feedback

There is no offer, there is just consultation, trying to figure out where the market is going and to get to a consensus view. That will happen in due course, and the mood is generally very positive.feedback

We are optimistic about the fundamentals. The market is trending in the right direction, slower than what we had hoped for a few months ago but the fundamentals are moving in the right direction.feedback

But it does not have to happen specifically today.feedback

Domestic demand usually goes up during the summer due to increasing use of electricity for cooling.feedback

Rebalancing is already taking place. We are on track and prices should reflect that.feedback

We are going to have a ministerial meeting of IEF in Algeria next month, and there is an opportunity for OPEC and major exporting non-OPEC ministers to meet and discuss the market situation, including any possible action that may be required to stabilize the market.feedback

Demand will grow, as it has already started in 2015, and there will be a period not far into the future (when) demand will catch up with supply.feedback

The economic value of Saudi Aramco as a company is what will be offered. Naturally, the primary field of Saudi Aramco's work is managing the reserves of Saudi Arabia. The reserves belong to the state but the company's ability to convert these reserves... into a financial value and at the same time for the company to have a portion of these profits will be part of the value of the company.feedback

The price itself is irrational if you ask me.feedback

If prices continue to be low, we will be able to withstand it for a long, long time. If there are short-term adjustments that need to be made, and if other producers are willing to collaborate, Saudi Arabia would be also willing to collaborate. But Saudi Arabia will not accept the role by itself of balancing the structural imbalance that is happening today.feedback

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