Saudi oil minister Naimi's comments to RTRS:
- Expects oil prices to improve in near future
- Expects Saudi oil output to be near 10 mbpd
- Ready to help improve prices in 'reasonable and suitable manner' but OPEC can't act alone.
The final comment has given a further bump to oil but I don't think there is much behind the comment. OPEC isn't going to cut production just so more shale producers can come online.
Update:
- Saudi Arabia is producing 10.3 mbpd in March (that would be the highest ever)
- Saudi Arabia needs cooperation with other producers to bring stability
He's jawboning the market and touching on cutting production but the numbers show just the opposite. Oil firmed up on the first headlines but it should be sliding.
