September 3, 2018 / 7:10 PM / 2 months ago

Algeria says global oil market is balanced

ALGIERS (Reuters) - The world crude oil market is currently balanced, Algerian Energy Minister Mustapha Guitouni said on Monday ahead of a meeting of producers in Algiers.

Algeria's Energy Minister Mustapha Guitouni attends a news conference of the 4th OPEC-Non-OPEC Ministerial Monitoring Committee in St. Petersburg, Russia, July 24, 2017. REUTERS/Anton Vaganov

“There is currently a balance between supply and demand,” Guitouni said, according to state news agency APS.

A Joint Ministerial Monitoring Committee meeting is due to take place in Algiers on Sept. 23. The committee includes OPEC members Algeria, Saudi Arabia, Kuwait, Venezuela and non-OPEC producers Russia and Oman.

“I think the points of view will be very close and we will come out of this meeting with unified decisions,” Guitouni said.

Reporting by Ulf Laessing. Editing by Jane Merriman

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