Saudi EnergyMin: Worst clearly behind us, market moving into rebalancing

Saudi Arabia’s energy minister crossed the wires now, via Reuters, commenting on oil market fundamentals.

Key Headlines:

Intends to play bigger role to meet Asia's growing energy demand

Saudi-Pertamina refinery JV to enter feed stage in second half this year

Saudi continues to explore expanding opportunities, with India being a prime target

Alternative energy starting from small base, to see slow growth due to obstacles such as subsidies

Not concerned oil demand will peak anytime soon

Oil markets continue to improve from last year's low

Markets recently impacted by slow demand season, ref maintenance, growth in non-OPEC supply

Worst clearly behind us, market moving into rebalancing

Expects US inventories to reduce on healthy US demand

Expects China oil demand growth to match last year's