After two years of pain, the market has finally worked off the global glut of crude that slammed oil prices, Saudi Arabia’s energy minister said in a newspaper interview published Wednesday.
“We are out of it. The oversupply has disappeared,” said Khalid Al-Falih, according to the Houston Chronicle. “We just have to carry the overhang of inventory for a while until the system works it out.”
Falih, the former head of Saudi Arabia Oil Company, widely known as Saudi Aramco, was put in charge of a reorganized energy ministry in May, in a surprise move. Falih replaced longtime oil minister Ali al-Naimi in a shuffle that was seen strengthening the hand of Deputy Crown Prince Mohammad bin Salman, who appears to have been put firmly in charge of the nation’s broad energy policy.
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