Speaks at Reuter summit

  • Cites falling stock levels, upward revisions to oil demand, brent crude backwardation and slow down in US shale output growth
  • In August overhang in OECD oil products stocks compared to 5-year avg was a mere 25 million barrels. Very near converging with the 5-year average
  • INcreases in 2017, 2018 oil demand forecaset seen in last OPEC monthly report are most likely to be an ongoing trend

The talk is positive about the situation with supply and demand near balanced levels.