OPEC is "very satisfied" with the oil market, with a "rebalancing" expected to help boost further the price of crude, Saudi Arabia's new energy minister said Thursday at a meeting of the cartel.

"Everybody is very satisfied with the market. The market is rebalancing as we speak. Demand is extremely healthy and robust. Non-OPEC supply is declining. Prices will respond to the rebalancing of the market," Khaled al-Falih told reporters.

Source: AFP