Oil market fundamentals heading in right direction-Saudi’s Falih

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Saudi Energy Minister Khalid al-Falih said the oil market is heading in the right directionbut still needs time to rebalance, the London based newspaper Asharq al-Awsat reported on Monday

“In my opinion, market fundamentals are going in the right direction, but in light of the large surplus in stockpiles over the past years, the cut needs time to take effect,” he told the newspaper, referring to a global deal to curb oil production.

“Current expectations indicate the market will rebalance in the fourth quarter of this year, taking into account an increase in shale oil production,” he said…

 

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