Gap is narrowing among OPEC countries

Oil is trading at $44.61

Other comments from Saudi oil minister Falih (and Russian minister):

  • main debate on output levels for Iran Libya and Nigeria
  • once we agree on Iran, Libya and Nigeria there will be a freeze
  • consensus possible by November
  • concerned about under investments, project cancellations
  • Saudi Arabia is investing in spare capacity so it can survive under these conditions
  • Doesn't think there is a need for significant adjustment or to cut insignificant way

Russian oil minister adds:

  • To meet again with Saudi minister in October
  • we confirm that we can make our contribution to see quick rebalancing of the market
  • Russian oil supply will remain flat