Saudi Arabia’s energy minister said on Monday that he was confident that OPEC and its non-OPEC partners will reach full conformity with cuts, and even exceed it, in weeks to come.

Inventory levels and oil investments are the main factors guiding the group’s action, Khalid al-Falih told reporters in Baku.

Oil industry estimates show that $11 trillion in investments will be needed over the coming two decades to meet demand growth, he said.

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