UAE energy minister still making a few comments from London 20 Feb
- 266mln bbl so far removed from the 5 year average of oil inventories
- job not yet done but output deal is working
- OPEC currently not talking about exit
- we see significant investments coming back to shale oil industry and hope that will provide additional supply to meet demand growth.
- OPEC will have meeting with shale oil producers during CERA week next month
- Russia committed to OPEC-led supply cut deal until end of 2018
So output cuts not done yet and already looking forward to supply growth. Are they really that confident that the demand growth will materialise too?
Oil prices currently trying to steady after recent retreat. WTI $61.90 from $61.65 after early highs of $62.30. Brent $64.95 from $64.75 after $65.40 earlier.
Shale oil investment set to return says UAE minister
