Saudi EnergyMin: Currently no need to take additional measures on oil market because of Venezuela

According to Russia's International News Agency (RIA), Saudi Arabia's Minister of Energy, Industry and Mineral Resources, Khalid Al-Falih, argued that there was currently no need to take additional on oil markets because of the situation in Venezuela. 

Key quotes (via Reuters)

• Have not discussed the situation in Venezuela with OPEC colleagues.
• Hope OPEC deal will be more than fully carried out, the situation to be reassessed in March – April.
• Output cuts to affect the markets over the next few weeks.
• Oil demand to pick up near to end of Q1 and into Q2.
• Hopes  more producers join to keep oil market in balance.
• Saudi oil production to drop below 10.2mln b/d in February.
• Oil output to be well below voluntary cap.