OPEC Reiterates Warning About Disconnected Oil Market
- Date: 13-Sep-2022
- Source: The Wall Street Journal
- Sector:Oil & Gas
- Country:Saudi Arabia
OPEC Reiterates Warning About Disconnected Oil Market
The oil market is in a “state of schizophrenia” and increasingly disconnected from signs of robust crude demand, OPEC said Tuesday, reiterating earlier hints that it would act to support prices that have continued to tumble despite cuts to the cartel’s output.
The comments echo remarks made last month by Saudi Energy Minister Prince Abdulaziz bin Salman. As Saudi Arabia is the group’s largest producer by some margin, comments from its officials carry large sway over the group’s actions but it is the first time such comments have been made on behalf of the entire 13-member cartel.
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