Comments from the Saudi energy minister
Expects oil surplus to exceed demand in 2019
Will do what it takes next year to keep market balanced
Other oil news:
Venezuela says it plans to increase production to 2mbpd by the end of 2018 and around 2.5mbpd within a year (currently at 1.5mbpd)
Russian energy minister says will achieve 100% compliance in Sept or Oct
OPEC says 2040 demand to rise by 14.5 mbpd
OPEC sees tight oil production rising to 13.3mbpd from 7.4mbpd currently
Next OPEc meeting will be Dec 6-7
No production increase at meeting, focus is on 100% compliance
Iran OPEC gov says if Iran's output declines, it is the responsibility of OPEC and non-OPEC to balance the market
On net, there are no real surprises here. With compliance currently at 126% (ie. no meeting quotas), it's highly doubtful they'll raise production enough to get to 100% this month.
