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.
Japanese energy explorer Inpex Corp. on Feb. 12 boosted its full-year net profit forecast by 37%, citing a larger-than-expected contribution from its Ichthys liquefied natural gas (LNG) project in Australia.
Saudi Arabia plans to produce around 9.8 million barrels per day (MMbbl/d) of oil in March, Energy Minister Khalid al-Falih told the Financial Times.
Australia's Woodside Petroleum said on Oct. 22 it has signed an agreement to work with China's privately owned ENN Group on potential business opportunities that could boost demand for Woodside's liquefied natural gas (LNG).