- Hopes market will recover in time
- Sees some OPEC upstream projects being cancelled, most proceeding as normal
- Open to discussions with non-OPEC producers to balance markets
- Open to swing producer role eventually
- Supply rather than demand will rebalance the oil market
Oil had been doing nothing as the first comments came out but has now had a little pop to 48.62 from 47.70 on the possible non-OPEC discussions. The “supply” comment is also a tad bullish.
Any signs of a softening on production will put a bid in oil but unless something comes from the Saudis, the market isn’t going to buy into it hell for leather.
Badri also spoke last week in Davos and said that oil prices would not fall to $20/25 a barrel and that producers outside of OPEC should be the first to reduce output to remove the global surplus
