Saudi Arabia’s Minister of Energy, Industry and Mineral Resources-Khalid Al-Falih, was out on the wires in the last hour and said that we are not targeting a price.
Key quotes:
“¢ OPEC+ won’t let inventory to continue building.
“¢ OPEC+ to do all it can to keep inventory in a narrow band.
“¢ We’ll maintain long-term market balance.
“¢ Our customers demand in December declined by more than half a million bpd as compared to November.
“¢ Tech analysis shows we need to reduce supply by 1 million bpd from October level.
“¢ The consensus is that we need to do whatever it takes to balance the market, including output cut.
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