RE: Oil20 May 2019 06:45
RE: BrentToday 03:12"Saudi Arabia’s energy minister said global oil supplies were “plentiful” and inventories needed to shrink, signalling the kingdom‘s reluctant e to rapidly raise production despite escalating geopolitical tensions and the threat of potential disruptions"
"The market is in a delicate situation,” said Khalid al-Falih on Sunday ahead of a meeting of oil officials in Jeddah to discuss the effectiveness of a deal between Opec and Russia to curb output by 1.2m barrels a day. “On the one hand there is a lot of concern, and we acknowledge it, about disruption and sanctions and supply interruptions. But on the other hand, we see inventories rising [and supplies are] plentiful,” Mr Falih said"
“We are not fooled by current prices. We think the market is fragile”, he said later in the day, adding that the kingdom would prefer that producers maintained the cuts policy in the second half of the year."