Saudi minister says oil price not fundamentally justified

MOSCOW, Oct 3 (PRIME) -- There is enough supply on the oil market now, but the current price was created by financial markets, not by fundamental factors, Saudi Arabia’s Energy Minister Khalid Al-Falih said on the sidelines of the Russian Energy Week on Wednesday.

“You must ask this question to the people who created this price. It was created on the financial market, it is not based on physical changes of supply and demand,” Falih said.

He said that he bases his statement on figures of oil and oil products reserves in the states of the Organization for Economic Cooperation and Development (OECD).

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