Oil prices are beginning to stabilize – Minister of Saudi Arabia

The global oil market is moving towards equilibrium, and oil prices are beginning to stabilize, said Saudi Oil Minister Khalid Al Fatih.

According to the Saudi news agency SPA, the Minister held a meeting with the new Secretary General of the Organization of Petroleum Exporting Countries (OPEC) Mohammad Barkindo, to discuss the role of OPEC in maintaining the stability of the oil market.

According to Khalid Al-Fatiha, Saudi Arabia with the help of OPEC is committed to continue to play an important role in providing the world’s growing demand for oil and maintaining a reliable supply of oil to the world market.

On Khalid Al-Fatih last week appointed to the post in early May, attended by two of the largest Saudi oil buyers – China and South Korea – to enhance trade flows and exploring new prospects for investment, said Platts.

Earlier, Khalid Al-Falih said the Houston Chronicle, that the period of over-production of oil is coming to an end. He expects rebalancing this year.

Oil has risen by almost 85% with a 12-year low reached earlier in the year. In the course of trading on Monday, the price of WTI increased by 0.3% – to $ 49.11 per barrel, of Brent – by 0.4%, to $ 50.56 a barrel.

Today, the US stock exchanges are closed due to Independence Day.

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