Saudi Arabian Energy and Industry Minister Khalid Al-Falih arrives ahead of the 174th OPEC meeting in Vienna, Austria, on Friday, June 22, 2018.
Stefan Wermuth | Bloomberg | Getty Images
Saudi Arabian energy minister Khalid al – Fali said OPEC would respond to oil demand, but was still not sure whether a shortage of oil, especially the US oil shortage, is still accumulating inventories.
Speaking in Jeddah ahead of Sunday's ministerial meeting by OPEC and non-OPEC producers, including Saudi Arabia and Russia, Falih told Reuters that OPEC would not decide on production until the end of June.
"We will work flexibly and we will do the right thing as we always do," he said.
Farley said OPEC will balance the two key principles, saying that it is guiding the market in two directions to keep it at normal levels in the direction of equilibrium and inventory and to meet market demands.