Saudi energy minister says oil market is balancing

*Saudi Arabia's Energy Minister Khalid al-Falih.

*Saudi Arabia’s Energy Minister Khalid al-Falih.

11 July 2016, Riyadh — Saudi Arabia’s energy minister said on Sunday the oil market was becoming more balanced and prices were stabilizing.

Khalid al-Falih said Saudi Arabia, the world’s biggest oil exporter, would always strive to stabilize the oil market, a statement by the energy ministry said on Sunday.

“In doing so, the Kingdom secures the flow of oil supplies as it retains a spare production capacity,” the minister, attending a climate meeting in Berlin, was quoted as saying in the statement.

His remarks echo earlier comments made on Monday by the Saudi minister in the Saudi city of Dhahran at a meeting with newly appointed OPEC secretary general, Mohammed Barkindo.

*Maha El Dahan. Editing – Jane Merriman – Reuters

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