Saudi, Russian energy ministers “satisfied” with oil market rebalance

Saudi energy minister, Khalid Al-Falih and his Russian counterpart, Alexander Novak have expressed satisfaction with the way oil market has been rebalancing, Reuters reported, citing unnamed sources.

Both ministers met in Oman on Saturday.

“The market sees the efforts are successful and reacts - the prices have almost reached $70 per barrel,” Novak told Falih, according to the energy ministry’s web site.

The Organization of the Petroleum Exporting Countries and other producers, including Russia, are cutting oil output by 1.8 million barrels per day (bpd) under a pact running until the end of 2018.

Oman is set to host today the Joint Ministerial Monitoring Committee, known as the JMMC, to monitor the progress of the deal.