Saudi Finance Minister Al Jadaan says opening the Strait of Hormuz announcement is a good thing; will take a bit of time for producing countries to ramp up at this point
Importance
Level 1
- Hopes ceasefire will be extended, until then, does not think insurance companies will respond.
- Certain countries will be able to restore ability to produce and export quickly, others will need a lot more time.
- Due to shortages in physical oil market, buyers are still willing to pay a premium.