Saudi Arabia’s energy minister Khalid Al-Falih has said he is not convinced that the global oil market has returned to balance, even if crude prices have rallied over the past two months.

 

"I'm still anxious about the fragility of the market (and) about the potential black swans that may spring in front of us. By and large, we are on our way but we are not there yet,” Al-Falih told CNBC on the sidelines of the World Economic Forum in Davos.

 

Crude oil futures are currently trading near three-year high, boosted by output-cut deal signed by OPEC member and 10 other producers in 2016.

 

The agreement is set to continue until the end of this year.

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