Saudi energy minister: Fundamentals aren't behind the recent oil price surge

Haresh Menghani FXStreet

Saudi Arabian Energy Minister Khalid al-Falih was out on the wires in the last hour, saying that fundamentals aren't behind the recent upsurge in oil prices though geopolitics is feeding the 'market frenzy'.

Additional quotes:

• Some will argue that the oil market is oversupplied.
• Saudi exports to the US are rising significantly.
• Saudi has a spare capacity of 1.3 million bpd.

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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