"I'm very confident. I think they don't have a choice," Khelil told a news conference here.
"What choice do they have? See the oil price go down to lower levels?
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I don't think they have a choice.
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"
Khelil was speaking after the Organization of Petroleum Exporting Countries decided to slash its daily oil output by 1.5 million barrels from November 1 to help stabilise free-falling prices.
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Khelil pointed out that, on top of 300,000 barrels already being cut at present, the total cut by the end of the year would actually amount to 1.8 million barrels.
Of the 11 OPEC countries that have a definite quota, following is a table of cuts agreed by country in terms of barrels per day:
Algeria 71,000
Angola 99,000
Ecuador 27,000
Iran 199,000
Kuwait 132,000
Libya 89,000
Nigeria 113,000
Qatar 43,000
Saudi Arabia 466,000
United Arab Emirates 134,000
Venezuela 129,000
TOTAL: 1.5 million