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Al-Falih: Saudi Arabia will not stand idly by until the supply is overstated
Saudi Arabia, the world's largest oil exporter, will not stand idly by as crude supply resumes again, but does not want prices to rise to "unreasonable levels," Saudi Energy Minister Khalid al-Falih said on Wednesday.
Al-Falih said the market had already eliminated a large part of the surplus supply, which has pushed oil prices as members of the Organization of the Petroleum Exporting Countries (OPEC) seek a stronger balance between supply and demand.
Al-Falih was speaking during the signing of a memorandum of understanding between Saudi Aramco and Indian state refineries on its 1.2 million bpd refining refinery to be built in India.
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