Saudi en­ergy min­is­ter says oil mar­ket on ‘right track’

The Jerusalem Post - - BUSINESS & FINANCE - • By RA­NIA EL GAMAL and MAHA EL DAHAN

ABU DHABI (Reuters) – Saudi Ara­bia’s En­ergy Min­is­ter Khalid al-Falih said on Sun­day that 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 its bal­ance,” said Falih, ad­dress­ing an oil con­fer­ence in Abu Dhabi.

“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 Or­ga­ni­za­tion of the Pe­tro­leum Ex­port­ing Coun­tries (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 lag­ging prices.

Falih said that sec­ondary sources sug­gest OPEC pro­duc­tion in De­cem­ber was al­ready more than 600,000 bar­rels per day lower than in Novem­ber.

“We in Saudi Ara­bia went be­yond our com­mit­ment, and have low­ered both pro­duc­tion and ex­ports,” he said.

Falih later told re­porters that he sees no need for an OPEC meet­ing be­fore April, when the group is set to de­cide its out­put pol­icy for the rest of 2019.

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