Saudi Arabia’s energy minister crossed the wires now, via Reuters, commenting on oil market fundamentals.
KEY POINTS OF THE DAY:
- Intends to play bigger role to meet Asia's growing energy demand
- Saudi-Pertamina refinery JV to enter feed stage in second half this year
- Saudi continues to explore expanding opportunities, with India being a prime target
- Alternative energy starting from small base, to see slow growth due to obstacles such as subsidies
- Not concerned oil demand will peak anytime soon
- Oil markets continue to improve from last year's low
- Markets recently impacted by slow demand season, ref maintenance, growth in non-OPEC supply
- Worst clearly behind us, market moving into rebalancing
- Expects US inventories to reduce on healthy US demand
- Expects China oil demand growth to match last year's
IN DETAIL:
Oil prices rose on Monday on a growing conviction that an Opec-led production cut initially scheduled to end in June would be extended to cover all of 2017, although a relentless increase in US drilling activity is seen capping gains.
The rise came after steep falls last week on the back of ongoing high supplies from countries that aren't participating in the cuts, including the United States where output is soaring.
Traders said the victory of Emmanuel Macron in the French presidential elections against far-right Marine Le Pen also supported oil prices as it raised hopes of a more stable European economy.
Brent crude futures, the international benchmark for oil prices, were at US$49.85 per barrel at 0020 GMT on Monday, up 75 cents, or 1.5 per cent, from their last close.
WTI Crude oil futures were trading at US$46.87 per barrel, up 65 cents, or 1.4 per cent from the last close.
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