Saudi Arabia says oil production cut will yield results in balancing markets

Saudi Arabia's energy minister said on Wednesday he was confident that action to rein in output by OPEC and its allies would bring the oil market into balance unless there was an unexpected development. Khalid al-Falih also said he would not rule out calling for further action by the Organization of the Petroleum Exporting Countries and its allies in future, adding that market conditions looked better than a few weeks ago. 

(With inputs from agencies.)