Saudi energy minister says oil market still has more supply than demand

1 July 2016, 05:52
Sherif Hasan
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US energy secretary says agreed with Saudi energy minister that oil market still has more supply than demand

(US energy secretary speaks after meeting with Saudi energy minister in Beijing)

Says:

  • Saudi energy minister sees oil market in balance towards the end of 2016
  • He expects oil market to be in balance in 2017
  • Saudi energy minister told him that Saudi oil policy will follow markets rather than quotas
  • Saudi energy minister told him that OPEC will respond to short-term market needs
  • Saudi energy minister made clear that Saudi will maintain spare capacity

Reuters conveying what the US Energy Secretary said the Saudi energy minister said!

Sheesh....
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