-
ALSO READ
Jaitley meets Saudi King; discusses ways to boost ties Saudi energy minister discusses oil market with Iraqi PM - Twitter Saudi Arabia arrests 11 princes protesting over bills Saudi to extradite nationals living abroad charged with corruption Jaitley co-chairs India-Saudi Arabia Joint Commission meet -
NEW DELHI (Reuters) - 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."
"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 Varadhan; Writing by Devidutta Tripathy; Editing by Sanjeev Miglani)
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
RECOMMENDED FOR YOU