Oil market balancing: Saudi says non-OPEC countries willing to help
October 11 2016 01:43 PM
Khalid Al-Falih
Khalid al-Falih said efforts to speed up the rebalancing of the oil market was not about the oil price itself, but about sending a signal to the oil industry to start investing again.

Reuters/Istanbul

Saudi Arabia's Energy Minister Khalid al-Falih will not attend meetings on Wednesday between OPEC and non-OPEC countries in Istanbul but told Reuters he saw signs that countries outside OPEC were willing to contribute to balancing the oil market.

"Tomorrow's meeting is a very informal consultative meeting between the countries that happened to be here," Falih told Reuters at the World Energy Congress in Istanbul.
"Unfortunately due to prior commitments I am leaving now so I will not be in the meeting but I will be following it from afar and I will be getting indications about what countries have agreed to," he said.
Falih said he had met with Russian Energy Minister Alexander Novak in Istanbul. He also said efforts to speed up the rebalancing of the oil market was not about the oil price itself, but about sending a signal to the oil industry to start investing again.



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