Saudi Energy Minister: The Worst Is Over For Oil Markets

The worst of the oil market is behind us, Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said on Monday at CERAWeek’s India Energy Forum.

“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,” bin Salman added.

But it is unclear what part of the worst is in the rearview.

If the Energy Minister is referring to oil demand, the largest importer of crude oil—China—is expected to slow its imports after the oil-thirsty nation bought extra crude over the last few months to take advantage of the ultra-low prices in the market. So much so had China taken extra crude, it created a backlog in customs, which is now clearing up—a sign that it is slowing.

This is to be expected now that oil prices have rebounded to nearly double what they were in April.

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Source: Oil Price