Saudi OilMin Al-Falih: US Oil boom is not a threat as Mexico and Venezuelan output declining

Saudi Arabia's energy minister Khalid al-Falih delivered his remarks at a joint panel at the World Economic Forum in Davos with U.S. Energy Secretary Rick Perry.

Key quotes (via Reuters)

U.S. oil boom is not a threat as Mexico and Venezuelan output declining.

I don't see signs of significant oil demand slow down.

Global oil demand will hit 120 mln bpd in next 25 years.

We tried to push oil production to a maximum a couple of years back but everyone suffered including producers and consumers.

We don't target any level of oil price, we target only excessive oil stocks.

OPEC, non-OPEC deal will expire one day, producers will have to go back to direct competition.

We didn't target $70 or $60 per barrel, we target only inventories.