Saudi energy minister: Oil market is not stable yet

Eren Sengezer FXStreet

Saudi Arabia's energy minister on Monday said that the kingdom will be at 12 million barrels per days of capacity at the end of November, per Reuters. "We have time to review the details of OPEC+ deal if needed before the December meeting," the minister added.

These comments seem to be putting pressure on crude oil prices. As of writing, the barrel of West Texas Intermediate (WTI) was trading at a fresh daily low of $53.50, losing 2.3% on a daily basis. Below are some additional quotes from the minister.

"Oil market is not stable yet. We see the volatility on the market."

"Saudi Arabia's oil output in October was at 9.86 million barrels per day, same in November."

"We are continuing our voluntary cuts at approx 400,000 barrels per day."

"We hope that Nigeria, Gabon, South Sudan and Iraq will be fully compliant with OPEC+ deal in October."

"We are asking Nigeria to commit to the agreement."

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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