Saudi Oil Min. Al-Falih: Current oil price is not linked to fundamentals
Saudi oil minister Khalid Al-Falih was out with some comments in the last hour, saying that the current oil price is not linked to fundamentals and what happened to oil market was political, macroeconomic and speculative trading.
• Says that inventories are drawing down by the end of Q1 2019.
• Says all OPEC countries are committed to cuts of 3%.
• Says that non-OPEC have committed to cuts of 2%, including Russia.
• Says that there is a lot of speculative money affecting energy prices.
• Says will achieve a balance between supply and demand next year.
• Says that OPEC+ decision is very balanced, measured and very strong.
• Inventories have already started to go down in the last few weeks.