Saudi energy minister Khalid Al-Falih speaks in Russia
- Release of supply will be a gradual process
- We are aligned with Russia in our views
- Need to make sure oil supply is adequate
- Can continue to moderate inventories drawdown for the rest of 2018
- Oil consumers should be looked at as main concern
- Consumers become concerned about potential oil shortages
- Many figures are being looked at to ease production constraints
- Have to wait until June to see if it is 1 mln bpd more or less
Think that pretty much confirms that we will at least see some form of output cut adjustments to the current OPEC+ agreement after the 22 June meeting in Vienna.
Oil continues to be marked lower with WTI now down to session lows of $69.92, breaking below the $70 handle.
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