January 23, 2018 / 3:05 PM / in 10 months

Saudi's Falih says still anxious about fragility of oil market: CNBC

FILE PHOTO: Saudi Arabia's Oil Minister Khalid al-Falih talks to journalists after a news conference after an OPEC meeting in Vienna, Austria, November 30, 2017. REUTERS/Heinz-Peter Bader

(Reuters) - - Saudi Arabia’s energy minister, Khalid al-Falih, tells CNBC in Davos he’s not convinced that the oil market has returned to balance, despite rising prices.

- “While I’m still anxious about the fragility of the market ... by and large we think we’re on our way, but we’re not there yet,” he said.

- Oil prices have rallied to the highest since 2014 this year, trading above $70 a barrel, supported by an OPEC-led supply cut.

- There’s an acceptance that the OPEC-led deal should extend beyond 2018, Falih said.

Reporting by Alex Lawler; Editing by Adrian Croft

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