ABU DHABI: Ƶ’s Energy Minister Khalid Al-Falih said that oil demand remains strong and that he sees no impact from US-China trade tensions.
“The global economy is strong enough, I’m not too concerned. If a slowdown happens, it will be mild, shallow and short,” he told reporters in Abu Dhabi on Monday.
“The fundamentals of oil demand are sufficiently strong and the oil market will not be impacted. On the supply side, we are vigilant to take appropriate response if there is an impact on demand.”
Al-Falih said earlier that the oil market was “on the right track” and there was no need for an extraordinary OPEC meeting before its next planned gathering in April.
Oil prices tanked in the last quarter of 2018 but have since partially recovered.
Brent prices slipped to around $60 a barrel on Monday after data showed weakening imports and exports in China, the world’s second-largest oil consumer.
Demand for oil is strong, says Saudi energy minister
Updated 15 January 2019
Demand for oil is strong, says Saudi energy minister
- Ƶ’s Energy Minister Khalid Al-Falih: The global economy is strong enough, I’m not too concerned. If a slowdown happens, it will be mild, shallow and short
- Khalid Al-Falih: On the supply side, we are vigilant to take appropriate response if there is an impact on demand
