Saudi OilMin Al-Falih: OPEC will start with freeze, maybe small output cut

Comments crossed the wires from Saudi Arabia’s oil minister Al-Falih last hour, citing that both the OPEC and non-OPEC producers need to work together to stabilize oil markets.

Key Headlines:

Fundamentals are improving and the market is clearly balancing

At the end of a 'considerable downturn' in oil industry

China demand is evolving and not slowing

OPEC can exert a continued stabilising influence if members act collectively

Non-OPEC contributions to stabilising market are as critical as OPEC

Alignment among oil producers is increasing

OPEC Algiers deal aims to reinforce improving market

Markets will continue to see volatility but will perform better in coming months 

Wants unconventional oil production to continue to meet demand

Some Non-OPEC producers showing willingness to freeze or cut production

OPEC will start with freeze, maybe small output cut

More clarity needed on production in Libya, Nigeria and Venezuela