Saudi energy minister: Oil market still has more supply than demand

Following a meeting with the Saudi energy minister in Beijing on Thursday, the US energy secretary noted that a Saudi energy minister sees oil market in balance towards the end of 2016, Reuters reports.

Key Headlines:

Saudi energy minister sees oil market in balance towards the end of 2016

He expects oil market to be in balance in 2017

Saudi energy minister told him that Saudi oil policy will follow markets rather than quotas

Saudi energy minister told him that OPEC will respond to short-term market needs

Saudi energy minister made clear that Saudi will maintain spare capacity