Gap is narrowing among OPEC countries
Oil is trading at $44.61
Other comments from Saudi oil minister Falih (and Russian minister):
- main debate on output levels for Iran Libya and Nigeria
- once we agree on Iran, Libya and Nigeria there will be a freeze
- consensus possible by November
- concerned about under investments, project cancellations
- Saudi Arabia is investing in spare capacity so it can survive under these conditions
- Doesn't think there is a need for significant adjustment or to cut insignificant way
Russian oil minister adds:
- To meet again with Saudi minister in October
- we confirm that we can make our contribution to see quick rebalancing of the market
- Russian oil supply will remain flat
