Saudi Arabia is studying a suitable average for global oil stocks: Al-Falih

Saudi Arabia’s Energy Minister Khalid al-Falih said that the average oil stock between 2010 and 2014 is one of the options the Kingdom is studying to determine the level of global oil stocks to be reached.

“With demand rising over the next nine months and the commitments from all the countries, including the Kingdom of Saudi Arabia, we are approaching the normal levels of supplies of 2010-2014. It is one of the options in front of us as a goal,” al-Falih told Al Arabiya on the sidelines of the joint meeting of OPEC members and independent producers. “We are approaching the normal level of stocks that aim for market balance.”

“The rate of the last five years is another option, which we think is unsuitable. We will study the middle options between these two choices. In any case, we will make sure that the market is balanced with proportionate indicators,” he added.