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- Saudi energy minister Khalid al-Falih says oil market will balance without output cuts
Saudi energy minister Khalid al-Falih says oil market will balance without output cuts
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Loading...Saudi Arabia's energy minister Khalid al-Falih said on Sunday that he believed the oil market would balance itself in 2017 even if producers did not intervene, and that keeping output at current levels could therefore be justified.
Under a preliminary agreement reached in September in Algeria, the Organization of the Petroleum Exporting Countries would reduce its production to between 32.5 million and 33 million barrels per day, its first supply curb since 2008.
OPEC oil ministers meet in Vienna on Wednesday in an effort to finalize that deal; OPEC also wants non-OPEC producers such as Russia to support the intervention by curbing their output.
"We expect the level of demand to be encouraging in 2017, and the market will reach balance in 2017 even if there is no intervention by OPEC. But OPEC intervention aims to expedite this balance and the market recovery at a faster pace," he said.
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