RIYADH: Saudi Energy Minister Khalid Al-Falih said that the current down cycle of crude prices is close to an end as market fundamentals improve.
“The current down cycle is nearing an end,” Al-Falih told a joint press conference with his Russian counterpart Alexander Novak after a Gulf ministerial meeting in Riyadh.
“Market fundamentals, in terms of supply and demand, have begun to improve,” Al-Falih said.
“We are optimistic that oil prices will continue to improve in the future,” he said.
Qatar’s energy minister, Mohammed Al-Sada, whose country holds the rotating presidency of the OPEC, also said the “difficult phase is over.”
OPEC has invited Russia and key non-members to a meeting later this month as OPEC and Moscow seek to tighten cooperation to boost historically low crude prices.
Oil prices currently hover around $50 per barrel after hitting a 10-year low of less than $30 in January, down from a peak of more than $100 in mid-2014.
