Market Extra: Saudi oil minister says many non-OPEC countries will join deal to cap output

Saudi Arabia’s top oil official on Wednesday struck an upbeat tone on the future of the industry, saying many nations are willing to join OPEC’s efforts to curb oil production and stabilize prices.

Speaking at the “Oil & Money” conference in London, Saudi oil minister Khalid Al-Falih said the flagging oil market is at the end of its “considerable downturn” and that a range of factors point to higher prices for the rest of 2016 and next year.

“Market forces are clearly working. After testing sub-$30 prices, fundamentals are improving and the market is clearly rebalancing on both the supply and demand side of the equation,” he told the audience of top oil executives, including the CEOs of Exxon Mobil Corp.

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