The Brent oil price eased a little last night as we approach the OPEC meeting. Going in, Saudi appears relaxed, from Reuters:
Saudi Arabia’s oil minister Ali al-Naimi said on Monday he expects oil demand to pick up in the second half of 2015 while supply decreases, in a sign that the Saudi strategy of defending market share through lower oil prices was working.
He said it would take time for the oil markets – still heavily oversupplied – to rebalance, and added he was not concerned by prospects of a possible increase in Iraqi or Iranian supplies later in the year.