Key Words: Saudi oil minister Khalid al-Falih says ‘significant work’ needed on global oil glut
There’s still too much oil sloshing around the globe.
That’s according to Saudi Arabia’s oil minister, Khalid al-Falih, who made the comment in a Saturday meeting with Russian, Uzbek and Kazakh oil ministers, according to a report on CNBC
“Everybody recognizes that (the) job is not done yet by any means we still have significant amount of work to do to bring inventories down. Mission is not yet complete, more needs to be done,”
U.S. oil prices CLZ7, +2.13% and Brent oil LCOF8, +2.42% each snared their biggest settlements in more than two years on Friday, reaching $ 55.64 a barrel and $ 62.07 a barrel, respectively. WTI crude marked its fourth-straight weekly gain.
Gains were driven by a drop in the U.S. oil-rig count and recent data that has showed near-record crude demand and falling U.S. inventories.
Russian energy minister Alexander Novak said Thursday that the output deal between the Organization of the Petroleum Exporting Countries and a group of non-cartel countries could be extended beyond March 2018, if deemed necessary. OPEC is largely expected to extend the deal when it meets in Vienna on Nov. 30.
But Falih added that there was “a general satisfaction with the strategy of 24 countries that signed a declaration of cooperation.”