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But the world is in need of a stable oil market with price equilibrium.

And the IEA continues to beat the same drum.

Another factor, holding back world oil prices, is the increase in oil production in the U.S.

The Organization of the Petroleum Exporting Countries and 10 producers outside the cartel, including Russian Federation, have been holding back crude output by 1.8 million barrels a day since the start of past year. In their 2018 World Energy Outlook, the United States Energy Information Administration (EIA) projected that the USA will become a net energy exporter by 2022, and part of this plan is halting all crude imports from Nigeria in the next four years.

OPEC and its partners chose to extend its production cuts till the end of 2018 in Vienna on November 30, as the oil cartel and its allies step up their attempt to end a three-year supply glut that has savaged crude prices and the global energy industry.

Saudi exports in December rose from 7.016 million bpd in November, as a seasonal drop in domestic crude demand is freeing up more oil for export during the winter months.

Saudi Arabia - not least in an attempt to give the planned listing of its state-owned oil giant Saudi Aramco a boost - is keen for Russian Federation and other producers to keep withholding supplies to prop up prices.

But despite all the apparent calm and composure Falih is showing, Opec is also conceding ground to the growing U.S. output.

Overall, however, the oil markets remain well supported by the limited supply by the Organization of Petroleum Exporting Countries (OPEC), the measures being taken early past year to reduce stockpiling and rebuild prices. Compliance with cuts is strong, and output is falling.

S&P Global Platts is reporting that several Opec oil ministers are trumpeting plans to raise production capacity. Meanwhile, United Arab Emirates Energy Minister Suhail Al Mazrouei said OPEC, Russia and other producers are looking at ways to "institutionalize" their cooperation beyond the end of this year.

The "market rebalancing has gained massive momentum" as the Organization of Petroleum Exporting Countries and its partners work to trim output, OPEC Secretary-General Mohammad Barkindo said Monday in Nigeria.

Fundamentals are leading many to believe that the current slump is not just a blip.

Oil prices refused to move in tandem on Tuesday, as the two main futures contracts Brent Crude and Nymex West Texas Intermediate moved in different directions. It remains to be seen whether these declines will signal a buy to push markets higher or whether they will begin a longer-term downtrend. Now, history could be repeating itself. Back in 2014, USA shale production was growing so fast that it ended up crashing the market. A "second wave" of shale supply threatens another downturn, the IEA is also projecting. But one must concede that Falih needs to look back politically, before speaking out.