Saudi Energy Minister responds on OPEC performance

Saudi Energy Minister responds on OPEC performance
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VIENNA: Saudi Arabia’s energy minister Khaled al-Falih claimed that OPEC is very satisfied with oil market due to its rebalancing policy and it will further increase the prices in the market.

 

He said “Everybody is very satisfied with the market. The market is rebalancing as we speak. Demand is extremely healthy and robust. Non-OPEC supply is declining. Prices will respond to the rebalancing of the market.”

 

He claimed that the market is running well that will encourage investment and also ensure the economic recovery that became lower during the last recession in oil market .

 

Falih said “We don’t want oil shocks in any way, in the short term as in the long term. In the long term that means we want to encourage investment.”

 

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