Saudi OilMin Al-Falih: OPEC will start with freeze, maybe small output cut
|Comments crossed the wires from Saudi Arabia’s oil minister Al-Falih last hour, citing that both the OPEC and non-OPEC producers need to work together to stabilize oil markets.
Key Headlines:
Fundamentals are improving and the market is clearly balancing
At the end of a 'considerable downturn' in oil industry
China demand is evolving and not slowing
OPEC can exert a continued stabilising influence if members act collectively
Non-OPEC contributions to stabilising market are as critical as OPEC
Alignment among oil producers is increasing
OPEC Algiers deal aims to reinforce improving market
Markets will continue to see volatility but will perform better in coming months
Wants unconventional oil production to continue to meet demand
Some Non-OPEC producers showing willingness to freeze or cut production
OPEC will start with freeze, maybe small output cut
More clarity needed on production in Libya, Nigeria and Venezuela
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