Saudi energy minister says oil market is balancing

Saudi Arabia's Energy Minister Khalid al-Falih talks to journalists before a meeting of OPEC oil ministers in Vienna, Austria, June 2, 2016. REUTERS/Leonhard Foeger/File Photo

ABU DHABI (Reuters) - Saudi Arabia’s energy minister said on Sunday the oil market was becoming more balanced and prices were stabilizing.

Khalid al-Falih said Saudi Arabia, the world’s biggest oil exporter, would always strive to stabilize the oil market, a statement by the energy ministry said on Sunday.

“In doing so, the Kingdom secures the flow of oil supplies as it retains a spare production capacity,” the minister, attending a climate meeting in Berlin, was quoted as saying in the statement.

His remarks echo earlier comments made on Monday by the Saudi minister in the Saudi city of Dhahran at a meeting with newly appointed OPEC secretary general, Mohammed Barkindo.

Reporting By Maha El Dahan. Editing by Jane Merriman