ICYMI - Saudi Arabia says oil inventories on track to normalise at the end of 2021
Saudi Arabia's Minister of Energy Prince Abdulaziz bin Salman Al-Saud spoke at a forum in Moscow and dashed hopes (if anyone had these) of a further increase in supply from OPEC+.
- "I keep telling people we are increasing production."
- said OPEC+ would be adding 400K bbl/day in November & following months.
- "We want to make sure that we reduce those excess capacities that we have developed as a result of COVID"
- and do it "in a gradual, phased-in approach"
He was scathing of the price surges in other energy markets:
"What we see in the oil market today is an incremental (price) increase of 29%, vis-à-vis 500% increases in (natural) gas prices, 300% increases in coal prices, 200% increases in NGLs (natural gas liquids) ...,"
Saudi energy minister Prince Abdulaziz bin Salman told a forum in Moscow on Thursday.
OPEC+ have done a "remarkable" job acting as "so-called regulator of the oil market"