Saudi Arabia’s Energy Minister Khalid al-Falih says his country has become an important broker in coordinating relations among major oil producers.
 
“Saudi Arabia has started to play an important role to coordinate between Russia, the OPEC nations and the countries that are affected by the policy of Russia outside of OPEC,” al-Falih said.

Al-Falih said during a meeting with Russian Energy Minister Alexander Novak that the cycle of falling crude prices is near an end as market fundamentals improve.

Oil prices are hovering at around 50 dollars per barrel after hitting a 10-year low of less than 30 dollars a barrel in January.

Al-Falih said the markets are becoming more balanced.