Saudi Arabia mulls suitable average for global oil stocks: Al-Falih

Average oil stock between 2010 and 2014 is one of the options that Saudi Arabia is currently studying to determine the level of global oil stocks to be reached, the Kingdom’s Energy Minister Khalid Al-Falih said.

“With demand rising over the next nine months and the commitments from all the countries, including the Kingdom of Saudi Arabia, we are approaching the normal levels of supplies of 2010-2014,” Al-Falih told Al Arabiya TV on the sidelines of the joint meeting of OPEC members and independent producers.

“The rate of the last five years is another option, which we think is unsuitable. We will study the middle options between these two choices. In any case, we will make sure that the market is balanced with proportionate indicators,” he added.

OPEC members reached an agreement with other major oil producing nations, including Russia, to extend production cuts into next year amid concerns over weaker global growth, Argaam previously reported.