DUBAI (Reuters) - Saudi Energy Minister Khalid al-Falih said market fundamentals are going towards the right direction, but the market needs time to rebalance, the London-based newspaper Asharq al-Awsat reported on Monday.
"In my opinion, market fundamentals are going in the right direction, but in light of the large surplus in stockpile over the past years, the cut needs time to take effect," he told the newspaper in an interview.
Compliance in April and May to the Organization of the Petroleum Exporting Countries (OPEC) cuts agreement was above 100 percent, he said.
Al-Falih said he hopes Libya's production levels go back to normal levels, which Libyans fully deserve.
"It is inappropriate to pressurise Libya to slowdown the pace of the recovery of its production," he was quoted as saying.