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|23 February, 2018

Saudi oil minister says oil market is rebalancing

"The oil markets, it's clear, are rebalancing," said Falih, who is on a two-day India visit

Saudi Arabia's Oil Minister Khalid al-Falih addresses a news conference after an OPEC meeting in Vienna, Austria, November 30, 2017.

Saudi Arabia's Oil Minister Khalid al-Falih addresses a news conference after an OPEC meeting in Vienna, Austria, November 30, 2017.

REUTERS/Heinz-Peter Bader -

NEW DELHI - Saudi Arabia's Oil Minister Khalid al-Falih said on Friday oil markets are rebalancing and he expected inventories to continue declining this year.

"The oil markets, it's clear, are rebalancing," said Falih, who is on a two-day India visit since Thursday.

"This is a period of soft demand as we all know because of seasonality. Refineries are undergoing maintenance as well as low consumer demand but the data speaks for itself."

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"Many agencies have documented the decline in inventories and I think that'll continue in 2018," Falih said, adding that he hoped markets would stabilise.

(Reporting by Nidhi Verma and Sudarshan Varadhana; Writing by Devidutt Tripathy; Editing by Sanjeev Miglani) ((devidutta.tripathy@thomsonreuters.com; +91 84518 40430; Reuters Messaging: devidutta.tripathy.thomsonreuters.com@reuters.net))