June 20, 2018 / 4:10 PM / 3 months ago

Saudi energy minister says market demands more oil in second half

VIENNA (Reuters) - Saudi Energy Minister Khalid al-Falih said on Wednesday that the market demands more oil in the second half of this year and that OPEC was converging on a good decision on production policy this week.

Saudi Energy Minister Khalid al-Falih attends a session of the St. Petersburg International Economic Forum (SPIEF), Russia May 25, 2018. REUTERS/Sergei Karpukhin

“I think any decision that we make will be based on fundamentals ... we will be looking at supply and demand, inventory,” Falih told reporters.

Oil ministers from the Organization of the Petroleum Exporting Countries meet on Friday in Vienna, followed by talks with non-OPEC oil producers on Saturday.

Reporting by OPEC newsroom; Writing by Dale Hudson

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