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Saudi Arabia Energy minister says oil market heading toward a balance

Falih said Saudi Arabia was seeking, through OPEC, to continue playing its role in meeting the growing global demand for oil.

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Saudi Arabia's Energy Minister Khalid al-Falih (C) arrives for a meeting of OPEC oil ministers in Vienna, Austria, June 2, 2016. play Saudi Arabia's Energy Minister Khalid al-Falih (C) arrives for a meeting of OPEC oil ministers in Vienna, Austria, June 2, 2016. (REUTERS/Leonhard Foeger)

The energy minister of Saudi Arabia, the world's largest oil exporter, and the secretary general of OPEC agree that the global oil market is heading toward a balance and that prices are starting to settle, according to comments carried by Saudi state news agency SPA.

The statement said Khalid al-Falih and the Organization of the Petroleum Exporting Countries' newly appointed secretary general, Mohammed Barkindo, had met in the Saudi city of Dhahran to discuss the role of OPEC in maintaining the stability of oil markets.

READ: OPEC fails to agree policy but Saudis pledge no shocks

Falih said Saudi Arabia was seeking, through OPEC, to continue playing its role in meeting the growing global demand for oil and ensuring the reliability of the continued flow of oil supplies. 

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