Comments from Khalid al-Falih, chairman of state oil company Saudi Aramco
(This is a bit of an ICYMI post ... an article in the Financial Times a little earlier)
"The market has overshot on the low side and it is inevitable that it will start turning up"
- He predicts higher prices by the end of the year
- Also reiterated that Saudi Arabia would not cut supply unilaterally, nor would they make way for rival producers
He was speaking at the World Economic Forum in Davos
Adds the FT:
Saudi Arabia has said it would consider production cuts if other Opec members participated and if the cartel was joined by the largest producers outside the group, such as Russia.
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Also ICYMI, it was a bouncy one for oil overnight:
Oil rips after the data dip
USDCAD tumbles as oil rises
