Saudi oil min says market well balanced
SEOUL, Sept 12 (Reuters) - The global oil market is well balanced and Saudi Arabia, the world's top exporter, is capable of meeting demand, Saudi Oil Minister Ali al-Naimi said on Thursday.
"For the record, oil market fundamentals are good. The market is well balanced," Naimi said at an industry event. "I repeat the message that Saudi Arabia is willing and capable for meeting any demand."
Oil prices are being driven by speculation about geopolitical events, he said.
(Reporting by Meeyoung Cho and Amran Abocar; Editing by Paul Tait)