June 15, 2019 / 4:25 AM / 3 months ago

Saudi energy minister says hopes to balance oil market before next year

Saudi Arabian Energy Minister Khalid al-Falih, is seen after the OPEC 14th Meeting of the Joint Ministerial Monitoring Committee in Jeddah, Saudi Arabia, May 19, 2019. REUTERS/Waleed Ali

KARUIZAWA, Japan (Reuters) - Saudi Energy Minister Khalid al-Falih said on Saturday that he hopes oil producers will be able to balance the oil market before next year.

“We hope that we will balance the market before next year. We are working on it,” Falih told reporters on the sidelines of a meeting of G20 energy and environment ministers in Karuizawa, Japan, when asked about the current oil market situation.

Falih said earlier this month that the Organization of the Petroleum Exporting Countries (OPEC) was close to agreeing to extend a pact on cutting oil supplies beyond June, although more talks were still needed with non-OPEC countries that were part of the production deal.

Reporting by Yuka Obayashi; editing by Christian Schmollinger

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