While speaking in the 15th Ministerial Meeting of OPEC and non-OPEC, Saudi Arabia’s energy minister, Prince Abdulaziz bin Salman, reiterated that the recovery in the oil market is far from complete, as reported Reuters.
“We must maintain the cautious stance,” added the Minister that they will continue with the flexible approach that best serves them.
Reflecting the same sentiment, Russian Deputy Prime Minister Alexander Novak said there are many uncertainties surrounding the oil market, especially in Europe.
“It is important not to overheat the market or allow the deficit,” Novak said, adding that they expect world oil demand to be around 5-5.5 million barrels a day this year.
Market reaction
With the initial market reaction, crude prices recovered slightly from daily lows. At time of writing, a barrel of West Texas Intermediate was up 0.35% on the day at $ 59.60.
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