Energy
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Saudi Energy Minister Says Crude Market Balancing

Saudi Energy Minister Says Crude Market BalancingSaudi Energy Minister Says Crude Market Balancing

Saudi Arabia's energy minister said on Sunday the oil market was becoming more balanced and prices were stabilizing.

Khalid al-Falih also said Saudi Arabia, the world's biggest oil exporter, would always strive to stabilize the oil market, a statement by the Energy Ministry said on Sunday, Reuters reported.

"In doing so, the kingdom secures the flow of oil supplies as it retains a spare production capacity," the minister, attending a climate meeting in Berlin, was quoted as saying in the statement.

His remarks echo earlier comments made on Monday by the Saudi minister in the Saudi city of Dhahran at a meeting with newly-appointed OPEC Secretary-General Mohammed Barkindo.

Financialtribune.com