Saudi energy minister says worst is over for oil market

Barkindo at a news conference in Vienna, Austria in November 2017. – REUTERSPIXSaudi Arabia's Energy Minister Prince Abdulaziz bin Salman said on Monday that the worst was over for the oil market.

The Organization of the Petroleum Exporting Countries and allies including Russia made a record oil output cut in April as the pandemic hit demand. They are scheduled to increase output in January as part of a gradual easing of crude supply curbs. Mohammad Barkindo, asked at CERAWeek if the second wave of the virus required any changes to Opec+ strategy, said hopes earlier this year of a demand rebound had been disappointed.

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