Saudi Energy Minister Khalid al-Falih said on Monday OPEC and its allies agree that technical analysis shows a need to cut oil supply next year by around 1 million barrels per day (bpd) from October levels to balance the market, Reuters reported.

Speaking at an industry event in Abu Dhabi, he said demand from Saudi Arabia’s customers in December would fall by more than half a million bpd compared with November and there was a consensus not to allow oil inventory to build up.

Falih said Saudi Arabia was not preparing for a breakup of the Organization of the Petroleum Exporting Countries and believed the group would long remain the global central bank for oil.