The energy minister of Saudi Arabia, the world's largest oil exporter, and the secretary general of Opec agree that the global oil market is heading toward a balance and that prices are starting to settle, according to comments carried by Saudi state news agency SPA.

The statement said Khalid al-Falih and the Organization of the Petroleum Exporting Countries' newly appointed secretary general, Mohammed Barkindo, had met in the Saudi city of Dhahran to discuss the role of Opec in maintaining the stability of oil markets.

Falih said Saudi Arabia was seeking, through Opec, to continue playing its role in meeting the growing global demand for oil and ensuring the reliability of the continued flow of oil supplies. – Reuters