Worst is over for oil market, says Saudi energy minister

Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said on Monday, Oct. 26, that the worst was over for the oil market, Reuters reported.

“I guess the worst part is over,” Prince Abdulaziz said at the virtual India Energy Forum by CERAWeek when asked to comment on the status of the oil market recovery.

“We are still vigilant. I think there is a big shift all together in terms of where we are today and where we were in April and May,” he added.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, made a record oil output cut in April as COVID-19 stifled demand. The group is scheduled to increase output in January as part of a gradual easing of supply curbs.

Meanwhile, Russian President Vladimir Putin, in a statement made last Thursday, did not rule out extending the oil cuts for longer if market conditions required.