The Minister of energy of Saudi Arabia Khalid al-falih, as well as newly elected OPEC Secretary General Mohammed Barkindo said the global oil market is nearing balance, Reuters reports.
It is noted that such a conclusion al-falih and Barkindo made during the meeting, which was held in the Saudi city of Dhahran. The purpose of the meeting was to discuss the role of OPEC in maintaining the stability of oil markets.
Khalid al-falih said that Saudi Arabia is committed to using OPEC continue to play its role in meeting growing global oil demand and ensure the continued flow of oil supplies.
In June, Saudi Arabia reduced oil prices for Europe and rose for US.
