Comments from the Saudi energy minister

  • Expects oil surplus to exceed demand in 2019

  • Will do what it takes next year to keep market balanced

Other oil news:

  • Venezuela says it plans to increase production to 2mbpd by the end of 2018 and around 2.5mbpd within a year (currently at 1.5mbpd)

  • Russian energy minister says will achieve 100% compliance in Sept or Oct

  • OPEC says 2040 demand to rise by 14.5 mbpd

  • OPEC sees tight oil production rising to 13.3mbpd from 7.4mbpd currently

  • Next OPEc meeting will be Dec 6-7

  • No production increase at meeting, focus is on 100% compliance

  • Iran OPEC gov says if Iran's output declines, it is the responsibility of OPEC and non-OPEC to balance the market

On net, there are no real surprises here. With compliance currently at 126% (ie. no meeting quotas), it's highly doubtful they'll raise production enough to get to 100% this month.