Saudi minister says oil market headed for ‘balance’

Riyadh: Saudi Energy Minister Khalid al-Falih said on Monday the oil market was “moving towards balance”, and that producers may not need to make additional output cuts.

As oil prices hit a five-month high at more than USD 70 a barrel, Falih told a conference in Riyadh that non-OPEC member Russia and other countries have met their production cut obligations.