Saudi energy minister says oil market still has more supply than demand

US energy secretary says agreed with Saudi energy minister that oil market still has more supply than demand

(US energy secretary speaks after meeting with Saudi energy minister in Beijing)

Says:

• Saudi energy minister sees oil market in balance towards the end of 2016
• He expects oil market to be in balance in 2017
• Saudi energy minister told him that Saudi oil policy will follow markets rather than quotas
• Saudi energy minister told him that OPEC will respond to short-term market needs
• Saudi energy minister made clear that Saudi will maintain spare capacity

Reuters conveying what the US Energy Secretary said the Saudi energy minister said!