Live on Bloomberg TV

00:00One you confident that you're going to recover anytime soon with the oil market. You just have to wait and see how would the financial investors react to various factors. I mean what what has happened in my opinion recently is a confluence of many non oil fundamental issues including the geopolitical issues especially around the sanctions and the waivers that were granted by the United States . It also includes trade tension between the US and China and the fact that no resolution that includes financial and monetary issues including interest rates in the US and the strength of the dollar but also recently includes a lot of speculative money that is that is exiting their position in oil for non fundamental reasons we know that there have been shocks in capital markets around the world and other financial issues that have to have shaken the financial markets and the oil sector has taken a hit as a result of this. We don't overreact as I mentioned numerous times as the energy minister of Saudi Arabia responsible for executing our policy. We remain focused on fundamentals on fundamentals. I can tell you with with with a high degree of confidence that we will achieve balance between supply and demand in 2009. Make no mistake about it we're united within the kingdom and we're united with our partners within OPEC and outside OPIC. Our objective is to bring supply and demand in balance and to react to the oversupply situation that surfaced the last few months. The decision we made in Vienna a couple of weeks ago we believe is very balanced. We believe it's very measured but we believe it's also very strong and it would result in the end result of bringing supply and demand into balance has started to draw down the inventory build that has taken place over the last few weeks .

No schedule data available.

Oil Markets Will Achieve Balance in 2019, Says Al-Falih

Saudi Arabia's Energy Minister, Khalid Al-Falih, says oil markets will achieve balance in 2019. He speaks to Bloomberg's Yousef Gamal El-Din in a press scrum in Riyadh. (Source: Bloomberg)