Saudi energy minister: Oil market to be balanced before next year

ALEXANDER NEMENOV / AFP

Saudi Arabia's Energy Minister says he hopes oil producers will be able to balance the oil market before next year.

Khalid al-Falih made the comments on Saturday on the sidelines of a meeting of G20 energy and environment ministers in Japan.

Earlier this month he said OPEC was nearing an agreement that would extend a pact on cutting oil supplies after June.

However al-Falih said more talks were needed with non-OPEC countries that are part of the deal.

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