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Sun 10 Jul 2016 04:11 PM

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Saudi energy minister says oil market is balancing

Khalid al-Falih said Saudi Arabia would always strive to stabilise the oil market

Saudi energy minister says oil market is balancing
Saudi Arabias minister of energy Khalid A Al-Falih. (Joe Klamar/AFP/Getty Images)

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

Khalid al-Falih said Saudi Arabia, the world's biggest oil exporter, would always strive to stabilise the oil market, a statement by the energy ministry said on Sunday.

"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.

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