"While I'm still anxious about the fragility of the market ... by and large we think we're on our way, but we're not there yet," he said.

Oil prices have rallied to the highest since 2014 this year, trading above $70 a barrel, supported by an OPEC-led supply cut.

There's an acceptance that the OPEC-led deal should extend beyond 2018, Falih said.

(Reporting by Alex Lawler; Editing by Adrian Croft)