Saudi oil official: Recent concerns about oil demand growth are overplayed

An official for Saudi Arabia's oil ministry today said that recent concerns about oil demand growth were overplayed and were reflecting poor macroeconomic sentiment, per Reuters.

"Oil market fundamentals are good, especially on the supply side due to the strong commitment of OPEC+ with supply cuts and the lower-than-expected US output growth outlook," the official added. "Key OPEC+ countries are committed to do whatever it takes to keep the oil market balanced next year."

Regarding Saudi Arabia's output, the official stated that production in September will be 700,000 barrels per day lower than August.

Oil prices rose slightly on these comments and the barrel of West Texas Intermediate was last seen trading at $52.10, still down 0.35% on a daily basis.