October 25, 2018 / 11:29 AM / 23 days ago

Saudi Arabia says oil market could shift to oversupply in Q4

RIYADH, Oct 25 (Reuters) - Saudi Arabia said on Thursday the oil market could be shifting towards an oversupply in the fourth quarter of the year as oil inventories rise and demand slows and the top oil exporter will “mirror” such changes in its production.

“We are of the view that the market in the fourth quarter could be shifting towards an oversupply situation as evidenced by rising inventories over the past few weeks,” Saudi OPEC governor Adeeb Al-Aama told Reuters on Thursday.

“So we want to be watchful not to over-correct and cause a substantial inventory build,” Al-Aama, who heads a joint OPEC and non-OPEC committee which monitors compliance and market fundamentals, said after a recent meeting of the panel, known as the JTC, in Vienna.

Reporting by Rania El Gamal, editing by David Evans

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