Saudi energy minister Khalid al-Falih said on Wednesday that oil markets were at the end of a considerable downturn as fundamentals were improving and supply and demand were rebalancing.
He called on non-OPEC producers to help stabilize the market saying their role was as critical as the role of OPEC members.
“Market forces are clearly working after a testing period of sub-$30 oil prices… Oil demand is expanding at a healthy rate despite slower global growth,” he said.
He added that by freezing production or slightly reducing it, OPEC wanted to signal to the market that it wanted to lower inventories and encourage investment.
“I am happy to see more rigs coming back,” he said, adding that unconventional oil production was important for helping to meet global demand growth.