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Saudi energy minister says balance of oil market will be maintained

Published: Updated:

Both OPEC and non-OPEC oil producers have indicated they are ‘more than 100 percent’ committed to the global agreement to reduce production, Saudi energy minister Khalid Al-Faleh has revealed during an interview with Al Arabiya News channel

Al-Faleh added that aside the conference of investment in renewable energy, he also sees an alignment within the Organization of the Petroleum Exporting Countries (OPEC) to achieve stability in the oil market. And he said producers would do all that is necessary to achieve this goal.

“We agreed to do what it takes to achieve balance, no matter what time it takes.”

But he said it was too early to discuss whether there was a need to extend the six-month production agreement beyond June.

Al Falih Said: “We saw last week a drop in stock in America. This had a clear impact on the markets, the commitment of the producers group is more than 100 percent, Some countries have been committed to even more than their share. In contrast, there were countries that have not done their part, a meeting will be held this month for the price control committee.”

Al Falih added: “What I hear and see is that there is an agreement to do what is necessary. We will do what is needful to reach the goal, which was not 6 months or a year, but was regaining balance to the gas market. We will do what is substantial for the benefit of the markets and investment.

"Especially that there is a drop in several traditional resources, we are keen that the future projects should help to achieve balance in production capacity, Looking at the Kingdom and how the market will be in two, three or four years, which requires investment flows, we would be careful in the decision-making, and we will look at the matter comprehensively.”