Speaking on oil market
Saudi energy minister Al-Falih is speaking on output and potential cuts
- Cannot make assessment yet on possible oil output cut extension
- awaiting October data to be better developed
- says that data will give us a better picture of when markets will rebalance
- Will have more consultations with Russia in coming weeks
- we still have some excess inventories
- by end of March, will not be at needed oil inventory levels
- we are committed to balancing oil markets
- we do not want price spikes that will shock the market
- we prefer markets balance gradually
- exit strategy will be one of gradual adjustment
- Says our market share is healthy
- not distracted by short-term gyrations it will price
- If any supply disruption is extended will act to ensure consumers have oil
The price of oil is trading down $.18 or -0.34% at $55.15. The low reached $54.93 while the high extended up to $55.62.
