Saudi Energy Minister Says Oil Glut is Over

June 22, 2016 Share Print 1

After two years of pain, the market has finally worked off the global glut of crude that slammed oil prices, Saudi Arabia’s energy minister said in a newspaper interview published Wednesday.

“We are out of it. The oversupply has disappeared,” said Khalid Al-Falih, according to the Houston Chronicle. “We just have to carry the overhang of inventory for a while until the system works it out.”

Falih, the former head of Saudi Arabia Oil Company, widely known as Saudi Aramco, was put in charge of a reorganized energy ministry in May, in a surprise move. Falih replaced longtime oil minister Ali al-Naimi in a shuffle that was seen strengthening the hand of Deputy Crown Prince Mohammad bin Salman, who appears to have been put firmly in charge of the nation’s broad energy policy.

via MarketWatch

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Alfonso Esparza

Senior Currency Analyst at Market Pulse

Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.