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Saudi Arabia will not sit by and let another glut surface - Energy Minister Falih

Reuters  |  NEW DELHI 

(Reuters) - said on Wednesday that the world's biggest exporter of will not sit by and let another supply glut surface, but also does not want to rise to "unreasonable levels".

A lot of the supply surplus that has weighed on has already been cleared, Falih also said, with members of the Organization of the Exporting Countries (OPEC) seeking a close balance between supply and demand.

Falih was speaking at the signing of a memorandum of understanding between and Indian state refiners for a 1.2 million-barrel-per-day refinery to be built in

(Reporting by and Alex Lawler; Editing By Tom Hogue)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, April 11 2018. 12:15 IST