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The worst is over for oil market, Saudi Energy Minister assures

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Prince Abdulaziz bin Salman, Saudi Arabia’s Energy Minister has said that the worst was over for the oil market.

Prince Abdulaziz said on Monday at the virtual India Energy Forum by CERAWeek when asked to comment on the status of the oil market recovery “I guess the worst part is over,”.

He said, “We are still vigilant. I think there is a big shift all together in terms of where we are today and where we were in April and May,”.

The Organization of the Petroleum Exporting Countries and allies including Russia made a record oil output cut in April as the pandemic hit demand. They are scheduled to increase output in January as part of a gradual easing of crude supply curbs.

Speaking last Thursday, Russian President Vladimir Putin did not rule out extending the oil cuts for longer if market conditions warrant.

Source Reuters
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