OPEC says it's alert to bearish economy, will balance market

Saudi Energy Minister Khalid al-Falih said the deal would most likely be extended by nine months and no deeper reductions were needed.

LONDON: OPEC and its partners will take the current "economic bearishness” into account when they meet in coming weeks, and are committed to keeping oil markets balanced this year and beyond, its top official said.

The organization will be "unyielding” in its efforts to reduce oil inventories back to normal levels and revive investment in the industry, taking an approach that is "agile” and "flexible,” OPEC Secretary-General Mohammad Barkindo said in remarks delivered via video link at a conference hosted by RBC Capital Markets in New York.