Oil Market on its Way to Being Balanced, Says Saudi Arabia Energy Minister

The transcript discusses the efforts of various countries, particularly the Kingdom, to stabilize oil markets by adjusting production levels. It highlights the Kingdom's role as a major exporter with significant spare capacity and its ability to respond to market dynamics. The discussion also touches on the market's progress towards balance, the fulfillment of obligations by countries like Iraq and Russia, and the impact of price action and rig counts on market health.

In what ways does the speaker suggest that the Kingdom is prepared to respond to market dynamics?

What does the speaker mean by 'the market is on its way towards balance'?