Saudi OPEC Governor: Oil market in Q4 could shift towards oversupply

In an interview with Reuters, Saudi Arabia's OPEC Governor argued that the oil market could shift towards oversupply in the fourth quarter of the year amid rising inventories. 

Key quotes (via Reuters)

• We want to be watchful not to overcorrect and cause a substantial inventory build.
• Kingdom's oil output rise is not in any way to push oil to market, but rather a response to market needs.
• Oil demand to start dropping off towards year-end, says production will be adjusted "to mirror that".
• Oil inventories, not prices, are "a leading signal for what we might have to do".
• Kingdom's spare oil capacity "will definitely not be tapped" until there is market demand for it.