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Thu 17 Nov 2016 03:14 PM

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Saudi energy minister says optimistic OPEC will formalise Algeria agreement

Khalid Al Falih says market on the way to becoming balanced

Saudi energy minister says optimistic OPEC will formalise Algeria agreement
Saudi Minister of Energy, Industrial and Mineral Resources Khalid al-Falih. (Fayez Nureldine/AFP/Getty Images)

Saudi Energy Minister Khalid Al Falih said on Thursday he was optimistic that OPEC would formalise a preliminary oil output deal reached in Algeria in September.

"I'm still optimistic that the consensus reached in Algeria for capping production will translate, God willing, into caps on states' levels and fair and balanced cuts among countries," he told Saudi-owned Al-Arabiya TV.

Falih said he believed the market was on its way to becoming balanced and that an agreement by the Organization of the Petroleum Exporting Countries at its meeting in Vienna on Nov. 30 would speed the recovery.

He said talks were ongoing with Qatar's Energy Minister Mohammed al-Sada, who had invited him to Qatar to continue discussions.

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