Opec cut its forecast for world economic growth this year on Tuesday, citing increased uncertainty following Britain's vote to leave the EU and said the pace of oil demand growth would slow slightly next year in its first 2017 forecast.
Saudi Arabia's energy minister said on Sunday the oil market was becoming more balanced and prices were stabilizing.
Khalid al-Falih said Saudi Arabia, the world's biggest oil exporter, would always strive to stabilize the
The energy minister of Saudi Arabia, the world's largest oil exporter, and the secretary general of Opec agree that the global oil market is heading toward a balance and that prices are starting to settle, according to comments carried by Sa
Saudi Arabia, the world's largest oil exporter, may return to its role of balancing oil supply and demand after the recovery of the global market, the country's energy minister indicated in comments published on Wednesday.
Opec's strategy of letting the oil market balance itself is working as investment in the industry is falling and any recovery will take time to bring new supplies, a senior Iraqi oil official said on Friday.
The Organisation o
Global oil markets are heading toward rebalancing, Qatar's Energy Minister told reporters in Moscow on Friday, a day after the Organization of the Petroleum Exporting Countries failed to agree a clear oil output strategy at a meeting in Vien
UAE Oil Minister Suhail bin Mohammed al-Mazroui said on Tuesday he was happy with the oil market, noting that prices had been correcting higher.
"We are optimistic. We are seeing that the market is correcting upward," Ma
Oil demand in 2016 will stay strong, supporting prices, but the market is unlikely to rebalance by the year end, the chief executive of French oil and gas major Total said on Wednesday.
Patrick Pouyanne told a French Senate commit
Oil prices rose on Friday, boosting world stock markets, after an energy organization said the oil market may have found a floor, while the euro eased.
Brent crude oil was on track for its third weekly gain after the report by the
Consultations and co-operation between OPEC and non-OPEC crude producers are the best ways to keep oil markets stable, Saudi Arabian and Nigerian government oil officials said, state news agency SPA reported on Tuesday.