Saudi energy minister speaking from OPEC meeting in Vienna 2 June 2016
- market is re-balancing
- in long term we want to encourage investment
- we will not shock market
- role of OPEC is to leave market to what it has to do
- market doing quite well
Quite well? Wow, pop the champagne corks.
- everyone with one voice is satisfied with markets
And how about those not with that voice?
Also speaking the Libyan deputy PM:
- oil price to pick up in H2 2016
- thinks there will be no deal on output ceiling
Not wrong there.
From Iran's oil min:
- output ceiling without quotas means nothing
UAE oil min:
- we need larger rise in oil price to sustain investment in the sector
Venezuela oil min:
- proposes oil supply range for individual OPEC countries
Good luck with that one.
Meanwhile Brent $49.92 WTI $49.16
