Saudi energy minister: Oil market heading toward a balance

Khalid al-Falih and OPEC’s new secretary general meet in Dhahran to discuss the role of OPEC in maintaining stability of oil markets

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The energy minister of Saudi Arabia and the secretary general of Organization of the Petroleum Exporting Countries (OPEC) agree that the global oil market is heading toward a balance and that prices are starting to settle, according to comments carried by Saudi state news agency SPA.

The statement said Khalid al-Falih and the OPEC's newly appointed secretary general, Mohammed Barkindo, had met in the Saudi city of Dhahran to discuss the role of OPEC in maintaining the stability of oil markets.

Falih said Saudi Arabia was seeking, through OPEC, to continue playing its role in meeting the growing global demand for oil and ensuring the reliability of the continued flow of oil supplies.

According to the Saudi Press Agency, SPA, the meeting also touched on the importance of cooperation between the main producers and consumers of Petroleum and work on the continuation of these efforts in order to serve all parties of the oil market and the global economy.

Watch: Oil's supply-demand balance improving -Saudi energy minister

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