Saudi says supports any agreement to rebalance energy supply, demand

Saudi Energy Minister Khalid al-Falih said here on Tuesday that his country is committed to support any agreement between energy producers and consumers to strike a balance between supply and demand.

Al-Falih made the comments at the 15th International Energy Forum (IEF 15) that kicked off in Algiers earlier on Tuesday.

"We are here in Algeria to reach positive and fruitful consultation between energy producers and consumers, as well as reassuring global markets that energy would be available in the long term, given that global economy is in continuous need of energy to recover, and this is the main message of IEF 15," Falih told reporters on the margin of the forum.

He noted that "in order to have sustainable energy, there should be more and more investments in this domain, and therefore oil prices should be higher in a bid to drain more investments."

"The plunging prices during the last two years hindered this objective, and hopefully we would reach a balance between supply and demand," he added.

Representatives of 50 countries and managers of 87 energy companies are taking part in the forum.

Four closed-door sessions are scheduled for Tuesday on the oil market, the liquefied gas market, renewable energies, and energy governance.

"The current situation of the oil market does not serve any country, and Algeria is working to stabilize the market, and urges for the need to reach a comprehensive agreement to protect the interest of all countries," said Algerian Prime Minister Abdelmalek Sellal who opened the event. Endit