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Saudi Arabia’s energy minister. Khalid al-Falih. told CNBC in Davos he’s not convinced that the oil market has returned to balance. despite rising prices.
“While I‘m still anxious about the fragility of the market … by and large we think we’re on our way. but we’re not there yet.“ he said.
Oil prices have rallied to the highest since 2014 this year. trading above $70 a barrel. supported by an OPEC-led supply cut.
There’s an acceptance that the OPEC-led deal should extend beyond 2018. Falih said.
