Comments from OPEC Secretary General Badri on RTRS:

  • If OPEC had cut output in November it would have had to cut again and again as non-OPEC would be increasing production
  • OPEC production policy is not directed at Russia, Iran or US
  • From the point of view of fundamentals, oil prices should not have fallen 50%

Nothing particularly insightful but it highlights that the market is oversupplied and that OPEC won’t be the one acting to bring it back into balance so it’s modestly bearish for WTI crude, which is up 77-cents to $47.24 after a $2 fall yesterday.

Update: Separately, IEA’s chief economist says he sees upward pressure on oil prices again by year end.