Saudi minister: Main goal is to normalize global oil reserves

Mon 18 Mar 2019 08:12 GMT | 12:12 Local Time

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The main goal of oil-producing countries is to normalize global levels of oil reserves, said Minister of Energy, Industry and Natural Resources of Saudi Arabia Khalid Abdulaziz Al-Falih, Trend reports March 18.

He was speaking at the 13th meeting of the OPEC/non-OPEC Joint Ministerial Monitoring Committee (JMMC) in Baku.

He said that last year the market was stabilized thanks to the implementation of a number of measures. He added that despite all the success, much remains to be done.

“I am very pleased that this meeting is being held here in Baku, the homeland of oil,” he noted. “We are here today to celebrate the success of Azerbaijan’s oil industry.”

The 13th meeting of the OPEC/non-OPEC Joint Ministerial Monitoring Committee (JMMC) is underway in Baku March 18. A day before the JMMC meeting, Baku hosted the 27th meeting of the Joint Technical Commission.

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