Saudi Minister of Energy, Industry and Mineral Resources, Khalid bin Abdulaziz Al-Falih has stressed that the Kingdom of Saudi Arabia's production of crude oil is witnessing high demand in most parts of the world.
The Minister said Saudi Arabia was closely monitoring the situation stating that "if there is a need to take any action to help the market rebalance, then we would".
"Despite the bearish sentiment engulfing the market, we still see strong demand for our crude in most parts of the world, especially as supply outside OPEC has been declining fast, supply outages increasing, and global demand still showing signs of strength," he said.
"We’ve said before that market rebalancing is already taking place but the process of clearing crude and products inventories will take time. We are on the right track and prices should reflect that. But the large short positioning in the market has caused the oil price to undershoot,"
The Minister said Saudi Arabia was closely monitoring the situation stating that "if there is a need to take any action to help the market rebalance, then we would".
