NEW DELHI (Reuters) - Saudi Arabia Energy Minister Khalid al-Falih said on Wednesday that the world's biggest exporter of crude oil will not sit by and let another supply glut surface, but also does not want oil prices to rise to "unreasonable levels".
A lot of the supply surplus that has weighed on oil prices has already been cleared, Falih also said, with members of the Organization of the Petroleum Exporting Countries (OPEC) seeking a close balance between supply and demand.
Falih was speaking at the signing of a memorandum of understanding between Saudi Aramco and Indian state refiners for a 1.2 million-barrel-per-day refinery to be built in India.
(Reporting by Nidhi Verma and Alex Lawler; Editing By Tom Hogue)
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