Saudi says oil mar­ket on right track

Mail Today - - MY BIZ - By Rania El Ga­mal, Maha El Da­han in Abu Dhabi

SAUDI Ara­bia’s En­ergy Min­is­ter Khalid al-Falih said on Sun­day the oil mar­ket is “on the right track” and will quickly re­turn to bal­ance, but oil pro­duc­ers are will­ing to do more if needed.

“If we look be­yond the noise of weekly data and spec­u­la­tors’ herd-like be­hav­ior, I re­main con­vinced that we’re on the right track, and that the oil mar­ket will quickly re­turn to bal­ance,” said Falih, ad­dress­ing an oil con­fer­ence in Abu Dhabi.

Cut­ting pro­duc­tion to push up prices

“If we find that more needs to be done, we will do so in uni­son with our OPEC and non-OPEC part­ners where col­lab­o­ra­tion is es­sen­tial too,” he added.

The OPEC and other lead­ing global oil pro­duc­ers led by Rus­sia agreed in De­cem­ber to cut their com­bined oil out­put by 1.2 mil­lion bar­rels per day start­ing from Jan­uary to pre­vent a sup­ply glut and boost sag­ging prices. Falih later told re­porters that he sees no need for an ex­tra­or­di­nary OPEC meet­ing be­fore April.

Thurs­day Fri­day

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