The Saudi Kingdom signals balancing of oil prices

The Saudi Kingdom signals balancing of oil prices
Saudi Energy Minister Khalid al-Falih attends a news conference announcing the kingdom's National Transformation Plan, in Jeddah, Saudi Arabia June 7, 2016. (REUTERS/FAISAL AL NASSER/FILE PHOTO)
Published: 4 July 2016 - 1:28 a.m.
By: CommsMEA staff writer

The global oil market is heading toward a balance and prices are starting to settle, according to the comments of the energy minister of Saudi Arabia, and the secretary general of OPEC carried by Saudi state news agency SPA (Source- Reuters).

The statement said Khalid al-Falih and the Organisation of the Petroleum Exporting Countries' newly appointed secretary general, Mohammed Barkindo, had met in the Saudi city of Dhahran to discuss the role of OPEC in maintaining the stability of oil markets.

Falih said Saudi Arabia was seeking, through OPEC, to continue playing its role in meeting the growing global demand for oil and ensuring the reliability of the continued flow of oil supplies.

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