Saudi energy minister says the worst is over for oil market

"We are still vigilant. I think there is a big shift all together in terms of where we are today and where we were in April and May," he said

  
Saudi Arabia's Minister of Energy Prince Abdulaziz bin Salman Al-Saud arrives at the OPEC headquarters in Vienna, Austria December 6, 2019.

Saudi Arabia's Minister of Energy Prince Abdulaziz bin Salman Al-Saud arrives at the OPEC headquarters in Vienna, Austria December 6, 2019.

REUTERS/Leonhard Foeger

DUBAI  - Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman said on Monday that the worst was over for the oil market.

"I guess the worst part is over," Prince Abdulaziz said at the virtual India Energy Forum by CERAWeek when asked to comment on the status of the oil market recovery.

"We are still vigilant. I think there is a big shift all together in terms of where we are today and where we were in April and May," he said.

The Organization of the Petroleum Exporting Countries and allies including Russia made a record oil output cut in April as the pandemic hit demand. They are scheduled to increase output in January as part of a gradual easing of crude supply curbs.

Russian President Vladimir Putin, speaking last Thursday, did not rule out extending the oil cuts for longer if market conditions warranted. 

(Reporting by Rania El Gamal. Editing by Jane Merriman) ((rania.elgamal@thomsonreuters.com; +971 562 160 434; Reuters Messaging: rania.elgamal.reuters.com@reuters.net ; Twitter: @RaniaElGamal10))

More From Commodities