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Mon 24 Oct 2016 11:59 AM

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In pictures: Saudi Oil Minister Khalid al-Falih meets with Russian Oil Minister Alexander Novak

'The current down cycle is nearing an end,' Falih told a joint press conference with Novak after a Gulf ministerial meeting in Riyadh.

In pictures: Saudi Oil Minister Khalid al-Falih meets with Russian Oil Minister Alexander Novak
Saudi Oil Minister Khalid al-Falih (L) walks alongside his Russian counterpart Alexander Novak (R) during their meeting in Riyadh on October 23, 2016. Falih said that the current down cycle of crude prices is close to an end as market fundamentals improve. 'The current down cycle is nearing an end,' Falih told a joint press conference with Novak after a Gulf ministerial meeting in Riyadh. (Fayez Nureldine/AFP/Getty Images)
In pictures: Saudi Oil Minister Khalid al-Falih meets with Russian Oil Minister Alexander Novak
Saudi Oil Minister Khalid al-Falih (L) walks alongside his Russian counterpart Alexander Novak (R) during their meeting in Riyadh on October 23, 2016. Falih said that the current down cycle of crude prices is close to an end as market fundamentals improve. 'The current down cycle is nearing an end,' Falih told a joint press conference with Novak after a Gulf ministerial meeting in Riyadh. (Fayez Nureldine/AFP/Getty Images)
In pictures: Saudi Oil Minister Khalid al-Falih meets with Russian Oil Minister Alexander Novak
Russian Oil Minister Alexander Novak (L) arrives for a meeting with his Saudi counterpart in Riyadh on October 23, 2016. Saudi Oil Minister Khalid al-Falih said that the current down cycle of crude prices is close to an end as market fundamentals improve. 'The current down cycle is nearing an end,' Falih told a joint press conference with his after a Gulf ministerial meeting in Riyadh. (Fayez Nureldine/AFP/Getty Images)
In pictures: Saudi Oil Minister Khalid al-Falih meets with Russian Oil Minister Alexander Novak
Saudi Oil Minister Khalid al-Falih addresses a Gulf ministerial meeting in Riyadh on October 23, 2016. Falih said that the current cycle of falling crude prices is close to an end as market fundamentals improve. Oil prices are currently hovering at around $50 per barrel after hitting a 10-year low of less than $30 in January, down from a peak of more than $100 in mid-2014. (Fayez Nureldine/AFP/Getty Images)
In pictures: Saudi Oil Minister Khalid al-Falih meets with Russian Oil Minister Alexander Novak
Saudi Oil Minister Khalid al-Falih (3rd R) addresses a Gulf ministerial meeting in Riyadh on October 23, 2016. Falih said that the current cycle of falling crude prices is close to an end as market fundamentals improve. Oil prices are currently hovering at around $50 per barrel after hitting a 10-year low of less than $30 in January, down from a peak of more than $100 in mid-2014. (Fayez Nureldine/AFP/Getty Images)
In pictures: Saudi Oil Minister Khalid al-Falih meets with Russian Oil Minister Alexander Novak
Saudi Oil Minister Khalid al-Falih listens to questions during a press conference with his Russian counterpart in Riyadh on October 23, 2016. Falih said that the current down cycle of crude prices is close to an end as market fundamentals improve. 'The current down cycle is nearing an end,' Falih told a joint press conference with his Russian counterpart Alexander Novak after a Gulf ministerial meeting in Riyadh. (Fayez Nureldine/AFP/Getty Images)