Saudi Arabia and OPEC have noticed the movement of the oil market to balance

The oil market is moving toward balance, I think the Minister of energy, industry and mineral resources Saudi Arabia Khalid al-falih and OPEC Secretary General Mohammed Barkindo. On Sunday they met in Dhahran, reported Saudi news Agency SPA.

At the talks, al-falih and Barkindo exchanged views on the situation in the oil market and agreed that the prices are beginning to strengthen. The head of the Saudi Ministry also noted the importance of the role of OPEC in maintaining the stability of oil markets. He said that Riyadh is committed to meet the growing demand for oil and to provide a reliable supply of fuel. In the message of the SPA States that Barkindo, in turn, praised” the quality of the oil facilities in Saudi Arabia and its contribution in support of market stability.

Khalid al-falih took office as the head of the Ministry of energy in early may. His Ministry replaced the Ministry of oil of Saudi Arabia. Al-falih also heads the largest oil company in the country, Saudi Aramco.

That the global oil market is moving toward balance, may said experts of the International energy Agency (IEA). According to them, it will be achieved by stabilizing demand and falling supply due to reduction of production in countries outside OPEC.