Riyadh: we may help to re - stabilize the oil market

views 49 08/12/2016

Saudi Arabia's energy minister, Khalid al-Falih said that energy producers within the "OPEC" and beyond will discuss the situation in the market during their meeting next month, and make possible to restore stability to the market.

There will be energy producers meeting in Algiers from 26 to 28 September / September, on the sidelines of the International Energy Forum.

Faleh said, in a statement, Thursday, August 11 / August, The Kingdom of watching the market closely has been working with producers from within the "OPEC" and beyond to take action that will help restore market balance if needed.

The minister added that the increased production of the kingdom to a record high of 10.67 million barrels per day in July, is due to meet seasonal demand in the summer, and also meet high customer demand.

At the beginning of this week, said Russian Energy Minister Alexander Novak, that he sees no reason to hold new talks to freeze oil production, but stressed that Russia, the largest oil producers in the world, open to the negotiations in this regard.

An earlier deal to install oil production between producing nations within the "OPEC" and elsewhere have collapsed in April / April last, after Saudi Arabia demanded that Iran is involved in it, despite appeals to save the Riyadh agreement to help lift crude prices.

While Iran then announced its refusal to install production in an effort to regain market share after the lifting of international sanctions that were imposed in the beginning of this year.