Saudi oil minister says that will maintain supply constraints to balance oil market
Comments by Saudi oil minister, Khalid Al-Falih
- Not seeing any slowdown of physical demand for oil
- Oil demand is holding up despite trade disputes
The big question now is can they agree to do more in the upcoming OPEC+ meeting? As it stands, the current output cuts deal isn't cutting it as the oversupply issue continues to linger. The worst part is that markets have basically priced in the status quo so if they announce no changes to the existing deal, don't expect the build up of supply/inventories in the oil market to magically disappear in 2H 2019.