Al-Falih hopes oil market to balance before next year: report

Saudi Energy Minister Khalid al-Falih said on Saturday that he hopes oil producers will be able to balance the oil market before next year, Reuters reported.

“We hope that we will balance the market before next year. We are working on it,” Al-Falih told reporters on the sidelines of the G20 energy and environment ministers meeting in Karuizawa, Japan.

He said earlier this month that the Organization of the Petroleum Exporting Countries (OPEC) was close to agreeing on extending the oil cut pact beyond June, although more talks were still needed with the non-OPEC allies who are part of the deal.