ICYMI - Saudi Arabia says oil inventories on track to normalise at the end of 2021

Author: Eamonn Sheridan | Category: News

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"


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+.



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