A familiar refrain was heard in Moscow this week as Saudi Energy Minister Khalid al-Falih attributed the recent surge in oil prices to “financial markets” rather than supply shortages. Nevertheless, Saudi Arabia and Russia combined to add 210,000 b/d additional supply in September and both countries say that more is on the way.

Mr Falih’s comments came on 3 October at the Russian Energy Week in Moscow, where the minister claimed that output has hit 10.7mn b/d this month...