FX.co ★ Saudi Arabia plans to stabilize oil market

On Sunday October 23, Energy Minister of Saudi Arabia Khalid al-Falih announced plans to stabilize the oil market during his meeting with Russian Energy Minister Alexander Novak, RIA Novosti reports.
Khalid al-Falih said that this meeting was an important point in coordinating the process of reaching an agreement between the OPEC members and other oil producing countries in late November. “Today’s meeting is the best demonstration of Saudi Arabia’s intention to stabilize the oil market,” the minister added.
The Saudi Energy Minister believes that Moscow and Riyadh will express the viewpoint which will become an encouraging sign for the oil market.
On October 10, Khalid al-Falih predicted that oil prices would reach $60 per barrel by the end of 2016. Saudi Arabia hopes that Russia will play a constructive role in negotiations on output stabilization, the minister stressed.
The OPEC countries agreed on the need to freeze output on September 28. The group proposed to set a limit for production at 32.5 million barrels per day. The finalized agreement is due to be signed at the meeting in November.