
Prince Abdulaziz bin Salman, the Saudi Energy Minister/Bloomberg
by BloombergSaudi Arabia’s Energy Minister said that the Organisation of Petroleum Exporting Counties and its allies (OPEC+) remain focused on using production cuts to reduce oil inventories to normal levels, undeterred by the intensifying geopolitical tensions in the region.
Oil prices have erased all this year’s rally, which saw Brent crude surging to a three-month high of almost $72 a barrel as the US and Iran faced off following the US drone strike that killed a top Iranian general.
Prince Abdulaziz bin Salman, the Saudi Energy Minister, said that crude retreated again as the countries backed away from full-blown conflict while supplies remain comfortable, thus OPEC+ remains committed to pressing on with output cuts aimed at draining away any excess stockpiles.
“Our endeavour in OPEC+ is to try to bring inventories to a certain level where it is within the contours of the recent year, that range should be around the average of the last five years and the period from 2010 to 2014,” said Prince Abdulaziz bin Salman.
The Saudi Energy Minister said that he was ‘very comfortable’ with the implementation of production cuts by OPEC+ nations in December 2019, the final month before the alliance is due to implement even deeper curbs.
MOST READ
BUSINESS
COVID-19 poses downside risks to Egyptian banksBUSINESS
Fed rate cuts add pressure on Saudi banksBUSINESS
UAE firms launch Covid-19 economic aid packagesBUSINESS
Saudi Arabia plans to boost oil export to 10...BUSINESS
Aldar to invest AED 2 million in Abu Dhabi...BUSINESS
GCC UHNWIs population to grow by 26 per cent...BUSINESS
ING Groep plans to sell its Turkish unitBUSINESS
Bahrain considers stake sell in oil assetsBUSINESS
SEDCO Capital exits a US real estate investmentBUSINESS
NMC Health hires Moelis for debt restructuringBUSINESS
SABB seeks to boost corporate lendingBUSINESS
Dubai’s W Motors seeks funds to go electricBUSINESS
SHUAA Capital reports a net profit of AED 45...BUSINESS
HSBC considering exiting from TurkeyBUSINESS
Zimbabwe turns to UAE to sell a stake in...