Following the conclusion of their bi-annual meeting OPEC there are several quotes from oil ministers as they leave. Selected quotes are shown below:

  • Kuwait Oil Minister: “Nigeria, Iran and Libya remain under the same conditions. Further action dependent on monitoring committee
  • Saudi Oil Minister: “Oil market rebalancing is partially achieved. Determined to deepen framework for cooperation between OPEC and Non OPEC.” 

A press conference has just begun also although it is likely that the main news of the day will be the extension. Novak, the Russian oil minister, is speaking in the press conference with the following comments pertinent:

  • “We have soldiarity between OPEC and non OPEC”
  • “OPEC supply agreement working despite skepticism”

  Oil.WTI (-0.37%) has moved back above the $51 handle and is little changed on the day.