HOUSTON Saudi Energy Minister Khalid al-Falih said on Tuesday that oil market fundamentals were improving after an agreement struck with top oil producers to curb supply and end a two-year glut took effect. Saudi investment in the United States is vast, and Saudi efforts to reduce global oil market volatility were of direct benefit to the U.S. oil industry, he said. Saudi Arabia does not want OPEC to intervene in the oil market to address long-term structural shifts, but to address "short-term aberrations," he said. The market could absorb between 3 million and 5 million bpd of new oil over time because demand is improving, he told CNBC. Oil inventories worldwide had fallen "slower than I thought," in the first two months of the year, Falih told energy executives and oil officials gathered at the CERAWeek industry conference in Houston.
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Saudi investment in the U.S. is vast, and Saudi efforts to reduce global oil market volatility were of direct benefit to the U.S. oil industry, he said. The market could absorb between 3 million and 5 million barrels of new oil over time because demand is improving, he told CNBC. Saudi Arabia does not want OPEC to intervene in the oil market to address long-term structural shifts, but to address "short-term aberrations," he said. ReutersUPDATE 2-CERAWEEK-Saudi oil minister says oil market fundamentals improving* Inventory fall slower than expected- Saudi Oil Min * Saudi cut output below 10 mln bpd * Too soon to talk of extending global output curbs * Warns "no free ride" for non-OPEC producers (Adds Russian, Iraqi oil ministers, remarks on Trump govt, shale references) By Liz Hampton and Marianna ParragaHOUSTON, March 7 (Reuters) - Saudi Energy Minister Khalid al-Falih said on Tuesday that oil market fundamentals were improving after an agreement struck with top oil producers to curb supply and end a two-year glut took effect. Saudi Arabia had cut beyond what it had pledged in the agreement and brought the kingdom's output below 10 million bpd, he said.
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As it stated in
Saudi investment in the U.S. is vast, and Saudi efforts to reduce global oil market volatility were of direct benefit to the U.S. oil industry, he said. The market could absorb between 3 million and 5 million barrels of new oil over time because demand is improving, he told CNBC. Saudi Arabia does not want OPEC to intervene in the oil market to address long-term structural shifts, but to address "short-term aberrations," he said. ReutersUPDATE 2-CERAWEEK-Saudi oil minister says oil market fundamentals improving* Inventory fall slower than expected- Saudi Oil Min * Saudi cut output below 10 mln bpd * Too soon to talk of extending global output curbs * Warns "no free ride" for non-OPEC producers (Adds Russian, Iraqi oil ministers, remarks on Trump govt, shale references) By Liz Hampton and Marianna ParragaHOUSTON, March 7 (Reuters) - Saudi Energy Minister Khalid al-Falih said on Tuesday that oil market fundamentals were improving after an agreement struck with top oil producers to curb supply and end a two-year glut took effect. Saudi Arabia had cut beyond what it had pledged in the agreement and brought the kingdom's output below 10 million bpd, he said.
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collected by :Jack Luxor
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