Baku, Azerbaijan, Oct.19
By Leman Zeynalova – Trend:
Oil market is now at the end of a considerable downturn, said Saudi Arabia’s Energy Minister Khalid Al-Falih.
He made the remarks during the Oil & Money Conference in London Oct. 19, according to a message posted on the event’s Twitter page.
Today, market forces are clearly working, said the minister, adding that the fundamentals are improving and the market is clearly rebalancing.
“I fully expect market conditions to continue improving,” Khalid Al-Falih added.
Touching upon the prospects of the OPEC output deal, he noted that non-OPEC countries are showing willingness to join the cartel’s efforts not only to freeze but cut the oil output.
“Supply/demand fundamentals continue to improve on their own accord. This will be strengthened by OPEC’s Algiers agreement,” said the minister.
In September, OPEC producers agreed during the informal meeting in Algiers to cut down the oil output to 32.5 million barrels per day (bpd) from current production of 33.24 million bpd.
How much each country will produce is to be decided at the next formal meeting of OPEC in November.
Oil & Money addresses current and emerging issues confronting the global oil and gas industry. This year its theme, “Boom, Bust and Beyond: Strategies for Survival”, will focus on the challenge of managing the oil price downturn and meeting the new financial, environmental and geopolitical realities facing the global oil and gas business.
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