January 9, 2019 / 4:51 PM / 6 months ago

Saudi Arabia confident cuts by OPEC and allies will balance oil market

FILE PHOTO: Saudi Energy Minister Khalid al-Falih speaks during a news conference in Riyadh, Saudi Arabia January 9, 2019. REUTERS/Faisal Al Nasser/File Photo

RIYADH (Reuters) - Saudi Arabia’s energy minister said on Wednesday he was confident that action to rein in output by OPEC and its allies would bring the oil market into balance, unless there was an unexpected development.

Khalid al-Falih also said he would not rule out calling for further action by the Organization of the Petroleum Exporting Countries and its allies in future, adding that market conditions looked better than a few weeks ago.

Reporting by Rania El Gamal; Editing by Edmund Blair and Jan Harvey

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