Saudi minister says oil market headed for 'balance'

RIYADH - Saudi Energy Minister Khalid al-Falih said on Monday the oil market was "moving towards balance", and that producers may not need to make additional output cuts.

Falih said he did not "think we need to" when asked if the kingdom was prepared to make additional cuts to support the oil market.The Saudi minister however insisted that it was still premature to say that a crucial meeting in June for Opec and its allies will extend the 1.2 million barrels per day cuts.

The oil producers have been debating whether it was necessary to extend the cuts beyond the June deadline or even make additional cuts.Falih said Russia, the main non-Opec producer, and others like Iraq, Kuwait and the UAE have met their obligations for production cuts.

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