Al-Sada also indicated that inventories were high in what may have been considered a hint to set production targets, but added that the downward trend should be noted.
“A more stable and balanced market will be beneficial to all,” Al-Sada said.
While waiting for the press conference later in the day, U.S. crude futures traded flat at $49.01 by 10:10AM GMT, or 6:10AM ET, while Brent oil inched up 0.08% to $49.76