Having short-squeezed crude oil prices higher on the back of a hope-filled statement, the Saudi energy minister just dropped another tape-bomb, warning that "no discussions of substance" have taken place on OPEC production levels, adding that he "does not believe any significant intervention in market is necessary."
- RTRS: SAUDI ENERGY MINISTER AL-FALIH SAYS NO 'DISCUSSIONS OF SUBSTANCE' YET ON OPEC PRODUCTION LEVELS
- SAUDI ENERGY MINISTER AL-FALIH SAID DOES NOT BELIEVE ANY SIGNIFICANT INTERVENTION IN MARKET NECESSARY
- SAUDI ENERGY MINISTER AL-FALIH SAID DEMAND IS 'PICKING UP NICELY' AROUND THE WORLD – RTRS INTERVIEW
And the market's reaction so far… (the earlier bounce was on Iran comments)
Of course, not wanting to show his hand fully, he added:
- *AN OIL OUTPUT FREEZE WOULD BE POSITIVE IF IT HAPPENS: AL-FALIH(no shit!)
- *`NOTHING HAS BEEN DECIDED' ON OIL OUTPUT: AL-FALIH
- *A FREEZE WOULD SIGNAL THAT MARKET IS BALANCED: AL-FALIH
Does this look balanced?
As a gentle reminder:
- OIL AT RISK OF `WASH-OUT' IF OPEC DOESN'T FREEZE: CITI'S MORSE
And it seems stocks are catching on..
The post Stocks Slump, Oil Slides To $46 Handle After Saudis Say No “Significant Intervention Necessary” appeared first on crude-oil.top.