Saudi Arabia oil ministry's official: Recent concerns about oil demand growth are "overplayed" and reflect poor macroeconomic sentiment

Market news

8 August 2019

Saudi Arabia oil ministry's official: Recent concerns about oil demand growth are "overplayed" and reflect poor macroeconomic sentiment

Says that oil market fundamentals are good, especially on the supply side due to the strong commitment of OPEC+ with supply cuts and the lower-than-expected US output growth outlook
Key OPEC+ countries are committed to do whatever it takes to keep oil market balanced next year
Saudi Arabia plans to keep its August crude oil exports below 7 mln bpd, production below 10 mln bpd

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