Comments by Saudi oil minister, Prince Abdulaziz bin Salman

  • OPEC is trying to show analysts that we're doing our job
  • World economy will continue to be well supplied
  • But further commitment will allow us all to benefit
  • OPEC+ aims to prove it will adhere to agreements

It's funny how they are now put in a position where it is "damned if you do, damned if you don't". At this stage, the market knows for a fact that deeper output cuts are coming. However, without proper compliance and the fact that they are already over-cutting now, it means little to boost sentiment in oil prices.