Saudi Arabia will adhere strictly to its commitment to cut output under the global agreement among oil producers, Minister of Energy, Khalid al-Falih, said on Monday, expressing confidence that OPEC's plan to prop up prices would work. During the six-month agreement, Saudi output would either be at the kingdom's target under the deal or as is the case now, slightly below, he added. "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," Falih said. He expects the rebalancing that started slowly in 2016 will have its full impact by 1H17, and the market will operate freely once it approaches the 5-year average of global stocks and inventories. Last week, Falih said Saudi output had fallen below 10mn bpd, meaning Saudi Arabia had cut production by more than the 486,000 bpd which it agreed to late last year under the agreement. A committee of OPEC and non-OPEC ministers to monitor the issue is meeting on Sunday. (Reuters)