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Saudi Energy Minister: Oil Decoupling From Fundamentals May Force OPEC To Act

In response to written questions from Bloomberg News, the Saudi Arabian Minister of EnergyPrince Abdulaziz bin Salman said OPEC and its allies (OPEC+) may be forced to cut oil production as physical and futures markets drift further and further away from fundamentals.

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“The paper and physical markets are increasingly disconnected.”

Futures prices do not reflect underlying supply and demand fundamentals, which could force the group to cut production when it meets next month to discuss production targets.

“Witnessing this recent damaging volatility disrupts basic market functions and undermines the stability of oil markets, which will only strengthen our resolve.”

Source: Fx Street

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