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The only way to offset this is for the financial markets to start financing and funding upstream projects.[标签:标题] REUTERS Published: Apr 11, 2018, 2:49 pm IST Updated: Apr 11, 2018, 2:49 pm IST The world’s biggest exporter of oil will not sit by and let another supply glut surface.Asked if India, a major consumer, would be happy with oil at $80 a barrel, Falih said no specific price was aimed for, China conical twin screw barrel supplier and he was concerned about declining output in some producing countries and a lack of investment in new supplies.”Brent crude was trading above $70 a barrel on Wednesday, though easing away from the 2014 highs it matched in the previous session, as escalating Middle East tensions were offset by increasing inventories and production in the United States.Members of the Organisation of the Petroleum Exporting Countries (OPEC) are seeking a close balance between supply and demand, Khalid al-Falih said, speaking on the sidelines of the International Energy Forum, a gathering of oil producers and consumers in New Delhi.“I think a lot of the glut has been cleared,” said Falih. They have extended the pact until the end of 2018. Asked if he was happy with the current market, he replied, “Yes, I am.New Delhi: Saudi Arabia’s energy minister said on Wednesday that the world’s biggest exporter of oil will not sit by and let another supply glut surface, but also does not want oil prices to rise to “unreasonable levels”. Falih also told reporters he was happy with the current state of the oil market.”“I don’t know what is the price that will provide that equilibrium. “We’re seeing many regions declining.”end-ofTags: energy minister, oil exporter, opec, khalid al-falih, oil marketLocation: India, Delhi, New Delhi.“There is no such thing as a target price by Saudi Arabia,” he said. All we know is in 2018 we’re still not seeing that. The remarks from Falih suggest big changes in the supply cut agreement look unlikely for now.Members of the Organisation of the Petroleum Exporting Countries (OPEC) are seeking a close balance between supply and demand, Khalid al-Falih said.OPEC, Russia and several other non-OPEC producers began to cut supply in January 2017 in an effort to erase a global glut of crude that had built up since 2014.OPEC and its partners meet to decide oil policy in June and next week a ministerial panel gathers to review the market

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