“If we look beyond the noise of weekly data and speculators’ herd-like behavior, I remain convinced that we’re on the right track, and that the oil market will quickly return to balance,” Energy Minister Khalid al-Falih said at an oil conference in Abu Dhabi on Sunday, according to Reuters.
The world’s top crude supplier says it will continue to work with members of the Organization of the Petroleum Exporting Countries (OPEC) and others to balance the oil market and do more to achieve this goal, if necessary.
“[Saudi Arabia] will work with all interested producers who want to bring stability to the market... OPEC plus and anybody else who would like to do it with us,” the minister told a CNBC reporter.
Earlier this week, Falih said the kingdom would cut its oil exports in January by 10 percent compared to November; meeting its goal of reducing output to 10.2 million barrels per day (bpd). Riyadh is expected to reduce crude exports to 7.2 million this month and cut it further by 100,000 bpd in February.