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Saudi Energy Minister says oil market on 'right track'

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ABU DHABI Saudi Arabia's Energy Minister Khalid al-Falih said yesterday the oil market is "on the right track" and will quickly return to balance, but oil producers are willing to do more if needed.

"If we look beyond the noise of weekly data and speculators' herd-like behaviour, I remain convinced that we are on the right track and that the oil market will quickly return to balance," he said, addressing an oil conference in Abu Dhabi.

The Organisation of Petroleum Exporting Countries (Opec), and other leading global oil producers led by Russia, agreed last month to cut their combined oil output by 1.2 million barrels per day starting this month to prevent a supply glut and boost sagging prices.

Mr Falih said that secondary sources suggest Opec production last month was already more than 600,000 barrels per day lower than in November.

He later told reporters that he sees no need for an extraordinary Opec meeting before April, when the group is set to decide its output policy for the rest of this year. - REUTERS