KARUIZAWA, Japan—Saudi Energy Minister Khalid al-Falih said on Saturday that he hopes oil producers will be able to balance the oil market before next year.
"We hope that we will balance the market before next year. We are working on it," Falih told reporters on the sidelines of a meeting of G20 energy and environment ministers in Karuizawa, Japan, when asked about the current oil market situation.
Falih said earlier this month that OPEC as close to agreeing to extend a pact on cutting oil supplies beyond June, although more talks were still needed with non-OPEC countries that were part of the production deal.
China's natural gas demand is expected to reach 307 billion cubic meters (Bcm) this year, an increase of just 10% from 2018, an official of state-run Sinopec Gas Co. said on Oct. 15, as a slowing economy hits consumption.
For the week ahead, Stratas Advisors expect Brent to average $58/bbl as enthusiasm about a trade deal wanes.