Saudi energy minister says oil market still has more supply than demand
1 July 2016, 05:52
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US energy secretary says agreed with Saudi energy minister that oil market still has more supply than demand
(US energy secretary speaks after meeting with Saudi energy minister in Beijing)
Says:
- Saudi energy minister sees oil market in balance towards the end of 2016
- He expects oil market to be in balance in 2017
- Saudi energy minister told him that Saudi oil policy will follow markets rather than quotas
- Saudi energy minister told him that OPEC will respond to short-term market needs
- Saudi energy minister made clear that Saudi will maintain spare capacity
Reuters conveying what the US Energy Secretary said the Saudi energy minister said!
Sheesh....