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Saudi Oil Minister: Oil prices are out of fundamentals OPEC+ may be necessary to tighten supply

 Last Update: 2022-10-19
 Source: Internet
 Author: User

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Saudi Oil Minister Prince Salman bin Abdul said "extreme" volatility and illiquidity in futures markets were taking oil prices out of fundamentals and could force OPEC+ to act
.

In response to questions, he said that "the disconnect between the trading price of crude oil and the physical market is becoming more and more serious"
.

Saudi Arabia is OPEC+'s largest oil producer and the most important part of
the 23-nation alliance.
Abdul believes that crude oil futures prices do not reflect the fundamentals of supply and demand, which may require OPEC+ to consider tightening supply
at next month's production policy meeting.

Benchmark crude futures have fallen
sharply in London and New York markets in recent weeks.
Brent crude futures fell below $93 a barrel on Monday, well below their June high of more than $120
.

However, as price volatility caused by the Russia-Ukraine conflict scared off some investors, the position and volume of crude oil futures remained well below historical levels
.
According to some market participants, the lack of trading has made the market more volatile, with the number of active buyers and sellers decreasing
.

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