<div>Saudi Arabia's energy minister Khalid al-Falih said today that supply to the global oil market remains "satisfactory", after calls by US President Donald Trump for an immediate hike in output to reduce prices.  But Falih — attending a meeting of oil producers in Algiers — left the way open to a future production hike, as supplies tighten due to the US imposing sanctions on Iranian oil from November this year.</div>''<div></div>''<div>Falih, who chairs a joint committee of OPEC and non-OPEC countries said that while the supply/demand balance remains satisfactory, they continue to watch closely and will respond appropriately and in a timely manner as necessary. </div>''<div></div>''<div>The OPEC cartel in December 2016 concluded an agreement with non-member states — including Russia — to reduce output in order to arrest sliding prices.</div>''<div></div>''<div>Sunday's meeting in Algiers brought together OPEC oil ministers and non-OPEC signatories to the 2016 agreement, as they seek to extend their cooperation.</div>''<div></div>Trump has repeatedly called for a hike in production by countries other than Iran to reduce oil prices, which have partially recovered since the December 2016 agreement, to trade close to  80 US dollars per barrel this month.