Saudi EnergyMin: Certainly prepared to adjust policy in June

Dhwani Mehta FXStreet

Saudi Arabia’s Energy Minister Al-Falih is on the wires now, via Reuters, speaking in Russia about a potential change in policy during the OPEC, non- OPEC June meeting.

Key Points:

Certainly prepared to adjust policy in June.

The release of supply will be a gradual process.

We are aligned with Russia in our views.

Need to make sure oil supply is adequate.

Can continue to moderate inventories drawdown for the rest of 2018.

Oil consumers should be looked at as main concern.

Consumers become concerned about potential oil shortages.

Both crude benchmarks are seen extending declines on the headlines, with WTI falling 2% below the $ 69.50 support area while Brent drops nearly 1% to $ 77.30.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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