“We are seeing a good recovery in oil demand in China and India,” the Saudi Arabia’s energy minister, Prince Abdulaziz bin Salman, Reuters reported.
The minister also thanked the United Arab Emirates and Angola for the good levels of compensation with oil production cuts. “OPEC + must be prepared to act according to market requirements,” added bin Salman.
Market reaction
Crude oil prices fell shortly after these comments and the barrel of West Texas Intermediate was last seen shedding 1.42% on the day at $ 40.85.
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