Saudi Energy Minister Khalid al-Falih told reporters on Saturday that OPEC and other major producers are hoping to balance the oil market before the start of 2020.
"We hope that we will balance the market before next year. We are working on it," Al-Falih said on the sidelines of a meeting of G20 energy and environment ministers in Japan.
Earlier this month, Al-Falih and his Iraqi counterpart Thamir Ghadhban noted OPEC is likely to extend the output cuts of 1.2 million barrels per day until the end of the year. The current production cut deal is set to expire in June and OPEC and other producers led by Russia are set to discuss a potential extension of the cuts at a meeting in Vienna in late June or early July.
