Saudi Energy Minister Says Oil Market Is Balancing

Reuters

ABU DHABI, July 10 (Reuters) - Saudi Arabia's energy minister said on Sunday the oil market was becoming more balanced and prices were stabilising.

Khalid al-Falih said Saudi Arabia, the world's biggest oil exporter, would always strive to stabilise the oil market, a statement by the energy ministry said on Sunday.

"In doing so, the Kingdom secures the flow of oil supplies as it retains a spare production capacity," the minister, attending a climate meeting in Berlin, was quoted as saying in the statement.

His remarks echo earlier comments made on Monday by the Saudi minister in the Saudi city of Dhahran at a meeting with newly appointed OPEC secretary general, Mohammed Barkindo.

(Reporting By Maha El Dahan. Editing by Jane Merriman)

Copyright 2016 Thomson Reuters. Click for Restrictions.

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE



Most Popular Articles

Brent Crude Oil : $53.89/BBL 1.67%
Light Crude Oil : $50.84/BBL 2.14%
Natural Gas : $3.7/MMBtu 2.77%
Updated in last 24 hours