(Reuters) Iraq’s oil minister Hussain al-Shahristani said on Thursday there was no sign of any shortage of oil in international markets and he did not expect OPEC to change its output levels at a meeting this week.
Saudis might like letting prices sag in front of meetings to stave off production increase talk.
“Quite frankly, the data we are looking at do not show any shortage of oil on the market. The prices are not really affected by any fundamental market forces,”
Right, just the Saudis (and probably Russians as well) setting price and letting the quantity they pump adjust, aka acting as swing producer.
Shahristani said ahead of the meeting on Friday of OPEC oil ministers in Vienna.
Twin themes continue – moderating demand and inflation.
So far, the Fed is directing all its efforts to the demand issue, including support for the coming fiscal package.