Saudi oil minister says oil market balanced
The market is currently characterised by a balance between supply and demand
Oil markets are currently balanced and Saudi Arabia is prepared to help stabilise them, state news agency SPA quoted Saudi Oil Minister Ali al-Naimi as saying on Saturday.
"The kingdom is ready to play its positive role for the stability of the market," Naimi said after meeting Paolo Romani, Italy's industry minister, in Riyadh, SPA reported. The market is "currently characterised by a balance between supply and demand", Naimi said, according to SPA.
Saudi Arabia and its Gulf Opec allies raised their oil production in June after failing to convince other members to agree an increase in production to make up for the shutdown of Libyan oilfields since February.
The world's top oil exporter raised its oil production from 9.60 million barrels per day (bpd) in July to 9.76 million bpd in August but has not decided how much to pump after the restart of Libyan oilfields, a senior Gulf Opec delegate said in September.
Oil prices slumped on Friday on renewed global economic worries, pushing back Brent more than 10 percent in September, for its biggest quarterly decline in five quarters.