Oil price rallied to above $50 a barrel Monday morning following comments from the Saudi energy minister that the market was heading towards balance, although signs of slowing demand in Asia weighed.
Saudi’s Energy Minister Khalid al-Falih said oil prices were heading toward rebalancing during a meeting with OPEC’s Secretary General Mohammed Barkindo, state-run Saudi Press Agency reports.
Al-Falih said Saudi Arabia is seeking through OPEC to continue its role to meet the global rising demands for oil by ensuring the flow of its crude.
In Moscow, analysts said Russian crude exports are on track to set a record this year, which is intensifying competition in Europe as Iran boosts shipments to the region.
Exports rose 4.9% to 5.55m bbl/day in the first half of the year from the same period in 2015. Russia’s output in June climbed 1.14% from a year earlier to 10.843m bbl/day, with increases every month since July 2014, according to data from the Energy Ministry.
