Saudi Arabia still has the oil market power to make the world sit up and listen. Energy minister Khalid al-Falih has restated the key tenets of Saudi oil strategy, helping to reinforce an oil price recovery this month spurred by strengthening oil market fundamentals. But it does not change the constraints on Opec production policy, or the investment uncertainty that the oil industry faces. “We have said before that market rebalancing is already taking place but the process of clearing crude and products inventories will take time,” al-Falih says. “We are on the right track and prices should reflect that,” he says, confirming that his country’s crude output hit an all-time high of 10.67mn b/d in July.
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