SAUDI ARABIA STILL FORESEES TIGHT MARKET THIS WINTER

Despite the continued uncertainty on the oil scene, Saudi Arabia is still confident that the market will turn around dramatically by the end of December. According to the scenario projected by a top Saudi oil official contacted by MEES last week, the soft market resulting from abnormal destocking is likely to persist until the OPEC meeting in Geneva on 19 December, given traders' expectations of a drop in OPEC prices. When this does...