Saudi Oil Minister al-Naimi says it is “difficult, if not impossible” for OPEC or Saudi to give up market share by cutting crude production, and data confirmed Saudi crude oil exports rose to 6.897mln bpd in October, up from 6.722mln bpd in September. This was then followed by the UAE Oil Minister confirming OPEC will not change output levels and has no intention of holding an emergency OPEC meeting. However, the crude complex got a boost by ignoring this and anchoring on al-Naimi’s comments that, as Bloomberg reports, the global oil markets are experiencing “temporary” instability caused mainly by a slowdown in the world economy, sabre-rattling that increased supply from regions outside OPEC (cough US cough), where oil-production costs are higher, is affecting the market.
Oil prices jumped from $56.50 to briefly break above $59 (as it did yesterday in its spike) before giving it all back…
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