HE the Minister of Energy and Industry Dr Mohamed bin Saleh al-Sada has said falling investments will hasten the equilibrium between demand and supply and support gas prices.
The energy minister of Saudi Arabia said on Thursday he was optimistic about Opec's deal to limit oil output and mentioned the lower end of a previously agreed production target, helping spur a rally in the price of crude.
The oil market is "on the path to rebalancing" despite the recent decline in global oil prices, said HE the Minister of Energy and Industry, Dr Mohamed bin Saleh al-Sada.
Oil markets are “rebalancing” but crude is “not at a fair price” yet, HE the Minister of Energy Dr Mohamed bin Saleh al-Sada has said and noted a minimum price of $65 a barrel is "badly needed at the moment".
HE the Minister of Energy and Industry and current OPEC president Dr Mohamed bin Saleh al-Sada has said the “oil market was on the right track towards rebalancing in the second half of 2016.”
Brent oil fell 3% on Tuesday, erasing early gains after top producers Russia and Saudi Arabia dashed expectations of an outright supply cut by agreeing only to freeze output if other big exporters joined them.
