Saudi Energy Minister Expects Oil Stocks To Fall By End Of First Quarter

Saudi Arabia’s energy minister, Khalid al-Falih, said he expects global oil stocks to fall by the end of the first quarter but added that the market remained vulnerable to political and economic factors as well as speculation.

“We remain focused on fundamentals; I can tell you we will achieve balance between supply and demand in 2019,” he told reporters.

Oil stabilized on Dec. 19 after one of its biggest falls in years, but remained under pressure from oversupply and concern that a slowing global economy would depress demand for fuel.