Oil market fundamentals heading in right direction – Saudi’s Falih

20 Jun 2017   Saudi Arabia

File Photo – Saudi Energy Minister Khalid al-Falih attends a session of the St. Petersburg International Economic Forum (SPIEF), Russia, June 2, 2017. Saudi Energy Minister Khalid al-Falih said the oil market is heading in the right direction but still needs time to rebalance, the London-based newspaper Asharq al-Awsat reported on Monday. “In my opinion, market fundamentals are going in the right direction, but in light of the large surplus in stockpiles over the past years, the cut needs time to take effect,” he told the newspaper, referring to a global deal to curb oil production. “Current expectations indicate the market will rebalance in the fourth quarter of this year, taking into account an increase in shale oil production,” he said. Asked about the recent drop in oil prices, Falih said: “Markets determine prices but are themselves driven by unpredictable variables beyond the control of producing nations.” “Short-term volatility […]

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