Saudi committed to oil market stability, says Energy Minister

Saudi Minister of Energy, Industry and Mineral Resources, Khalid al-Falih, talks to journalists during a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, November 30, 2016. (Reuters)

Saudi Arabia’s energy minister Khalid al-Falih said on Wednesday the kingdom is committed to meeting global oil demand, including from the United States, the official Saudi Press Agency (SPA) reported.

Falih’s comments were made after meeting his US counterpart Ernest Moniz in Riyadh.

SPA quoted Falih as saying the kingdom is committed to the oil market’s stability and balance.

Meanwhile, oil prices steadied on Wednesday as investors waited to see if OPEC and Russia would deliver promised production cuts designed to end a supply overhang that has weighed on the market for more than two years, according to Reuters.

North Sea Brent crude oil was up 10 cents a barrel at $54.03 by 0950 GMT. U.S. light crude was up 15 cents at $51.08 a barrel.

Oil prices surged as much as 19 percent after the Organization of the Petroleum Exporting Countries and Russia announced last week that they would cut production next year in an effort to prop up markets.

Last Update: 15:15 KSA 18:15 - GMT 15:15