13:30 02.06.2016

Saudi Arabia ready to discuss reinstating of oil production quotes if necessary for market

1 min read
Saudi Arabia ready to discuss reinstating of oil production quotes if necessary for market

Saudi Arabia is ready to discuss the reinstatement of oil production quotas if the market finds this necessary, Saudi Arabia's oil minister, Khalid Al-Falih, told journalists before the OPEC meeting.

"We'll do this if it's in the market's interests," he said. But the market is "doing the work for us" right now, and "all we need to do is to follow the market and cooperate with producers within OPEC and outside OPEC" in order to bring this market to a state of equilibrium, he said.

Demand is good and stable, production outside OPEC is falling "and we think it will fall at even higher rates," the minister said. Oil prices will rise as the market rebalances, he said.

"The oil market is balancing, prices are on the way up," he said.

He said that OPEC must take the appropriate steps to rebalance the market.

"We're interested in long-term stability on the market," which implies that growing demand for oil is being met and the economy is recovering, he said.

"In the long term, we must support investments. But we do not need too much investment so as to avoid a new surplus on the market," he said.

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