Saudi energy minister says oil market should wait for OPEC Vienna meeting

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Saudi energy minister Khalid al-Falih said on Tuesday that the oil market should wait to see the result of this week’s OPEC meeting in Vienna. He was replying to a question about how long global oil producers might extend their system of output cuts.

Falih was speaking to reporters at an industry event in Dubai. The Organization of the Petroleum Exporting Countries will meet in Vienna on Nov. 30.

“I haven’t reached Vienna - it is too early to talk about a disagreement, but...according to studies there are differences over the amount of time we need to reach normal levels of stocks,” Falih said.

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“What is a normal level of stocks? This is a technical matter and this needs talks with other parties.”

“The only solution is to wait until we reach Vienna and hear the committee that will be convened tomorrow for surveillance and headed by the Kuwaiti and Russian oil ministers. We will hear everyone and reach a solution that is agreeable for both producer and consumer markets,” he added.

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