Saudi Oil Minister: The oil market is waiting for the outcome of the OPEC meeting
Saudi Oil Minister Khalid al-Falih said on Tuesday that the oil market should wait to see the outcome of the OPEC meeting in Vienna this week in response to a question about the possible duration of the extension of global oil producers supply reduction system.
Al-Falih was speaking to reporters during a sector event in Dubai. The Organization of the Petroleum Exporting Countries (OPEC) will meet in Vienna on November 30.
"I did not go to Vienna. It is too early to talk about a disagreement, but ... according to the studies there are disagreements about the time we need to reach normal levels of stocks.
"What is the normal level of stocks? This is a technical issue and needs to be discussed with other parties. "
"The only solution is to wait until we reach Vienna and listen to the committee that will be held tomorrow for the reconnaissance under the chairmanship of the ministers of oil of Kuwait and Russia. We will listen to all and find an acceptable solution to the markets of producers and consumers. "