Newly appointed Saudi Oil Minister Khalid Al-Falih declared the oil glut over during a visit to Saudi Aramco facilities in Houston, Texas, today. Speaking to the Houston Chronicle about the oil crisis the and the supply glut, Al-Falih said, “We are out of it,” and noted that we would continue to see gradual upward movement in the price of oil. “The oversupply has disappeared. We just have to carry the overhang of inventory for a while until the system works it out,” the oil minister was quoted as saying. Others are also expressing bullish sentiments. Raymond James & Associates is forecasting that West Texas Intermediate (WTI) could hit targets between US$70 and US$80 by the end of next year. Their rational is that even though prices are rising and this tempts U.S. producers to start pumping again and revive the supply glut, they will not be able to do […]