Saudi Energy, Industry and Mineral Resources Minister Khalid Al-Falih said that 1.5 million barrels of oil per day had been pulled out of the market in January. The cut comes in accordance with an agreement among producers to reduce production by 1.8 million barrels per day. Al-Falih told Alarabiya channel that he estimates the growth of shale oil to be 200,000 to 300,000 barrels per day in 2017. The 500,000 barrels estimation made by the head of the International Energy Agency of were exaggerated, he said.