Saudi oil minister says that not under pressure from US to increase supply

  
Analysis, Crude

Comments by Saudi oil minister, Khalid Al-Falih

  • Oil market is oversupplied
  • Saudi Arabia is guided by oil inventory
  • As long as the level of inventory is rising, we still stay the course
  • OPEC won’t change course until we see the impact of sanctions
In case you missed out, OPEC is currently facing tough challenges as the US looks to approve the NOPEC legislation. That will be something that could harm OPEC members’ global oil market share and possibly force a reconsideration of production cuts in the longer-term.
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