Saudi Arabia's energy minister: Saudi Arabia is trying to restore the oil market to shore up oil prices

Date: 2017-09-15

       FX168 of finance and economics newspaper (Hong Kong) the Saudi press agency on Saturday (August 13) quoted Saudi Arabia's energy minister mana Hector (Khalid al - Falih) as saying that the country is currently working to restore the crude oil market supply and demand balance, to support oil prices.

       OPEC members will meet in Algeria on September 26-28 on the sidelines of the international energy BBS (IEF) meeting in Algeria, OPEC chairman and Qatar energy minister said on Monday. Meanwhile, in a statement last Thursday (11 August), he said oil producers were likely to discuss measures to stabilise the oil market, which briefly boosted oil prices by nearly 5 per cent on the day.

       "If there is any need to take any action to help the oil price regain its balance, Saudi Arabia will work with OPEC and the main non-opec oil exporters," said Mr Falih.

       Saudi crude oil production rose to 10.67 million b/d in July to meet seasonal demand, the data showed. "Saudi Arabia is forecasting strong demand for crude oil and the supply of crude oil outside OPEC has fallen rapidly," he said.

       "he said crude oil inventories last month was not as expected to accelerate the decline, but moderate decline, this is a support to oil prices. At the same time, Saudi domestic crude oil demand growth this summer more slowly than usual, because of higher energy prices."

       Finally, he added that he expected the fall in oil prices to be "unsustainable", adding that "in order to reverse the decline in investment and production, oil prices must rise."