Oil investments are rising again due to the reduction in global oil stocks and an improving global economy, the Saudi Energy Minister, Khalid El Falih, told Reuters.

The production-cut agreement between OPEC and a number of non-OPEC oil-producing countries has drawn down more than half of excess global supply, he said, according to Reuters.

In July, the CEO of Saudi Aramco, Amin Nasser, estimated that investment in the oil sector had been trimmed by approximately $1 trillion due to low oil prices, Reuters reported at the time.

The agreement mandated cuts of 1.8 million barrels per day (b/d). It is set to expire in March 2018, but, according to Reuters, it is expected to be extended.

Last week, Iran indicated that it was in favor of a further extension of the agreement, joining a number of other signatories to the agreement that have expressed interest in the idea.