OPEC Sec. General Barkindo: Saudi Arabia has ample supplies in its inventories

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Commenting on the Saudi attack and its impact on the Kingdom’s oil output, the OPEC Secretary-General Mohammad Barkindo said that Saudi Arabia has ample supplies in its inventories.

Additional Quotes:

Saudi Arabia has contained the situation so far.

Saudi Arabia hasn’t issued any oil force majeure.

  • Russia’s Novak: There are enough commercial stockpiles to make up the shortfall from Saudi
  • Russia’s Novak: Russian, Saudi Energy Ministers to have phone call on Monday
  • OPEC Source: There is no need for extraordinary OPEC+ meeting for now

Oil prices consolidate the recent correction with gains of around 8%. WTI hovers around 59 mark while Brent flirts with 65.50.

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