Oil demand to start picking up in Q2 2019: Al-Falih

Demand for oil will pick up starting from the second quarter of 2019, Saudi energy minister Khalid Al-Falih told CNBC.  

"The oil market is responding to the output cut decision ‘gradually but surely’," he said, adding that "2019 will be enough to correct the imbalance that took place by the end of 2018."

"Current focus is on market fundamentals in terms of supply and demand balance for the interests of producers and consumers," Al-Falih continued, adding that the number one priority is global economy.

"The growing demand for oil and gas proves that they remain the main global fuel source, so all stakeholders have to work together and make sure the required supply is provided," Al-Falih said while speaking at the ninth IEA IEF OPEC Symposium on Energy Outlook 2019 in Riyadh. 

"Energy policies that lack wisdom will lead to oil security challenges, and sources would dry-up," he added.

"Increasing oil and gas taxes to curb their growth will make fuel cost unaffordable for consumers," Al-Falih concluded.