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Saudi Oil Minster Defends OPEC+ Decision to Cut Production

OIL

Saudi Arabia’s oil minister defended the OPEC+ decision to cut production and criticised the release of emergency inventories.

  • “People are depleting their emergency stocks” and using it “as a mechanism to manipulate markets,” Prince Abdulaziz bin Salman said at a conference in Riyadh. “Losing emergency stocks may become painful in the months to come.”
  • Prince Abdulaziz said the OPEC+ production cut was justified by a weak economic outlook and the need to preserve spare capacity.
  • He said there are “layers and layers of uncertainty” when it comes to both supply and demand and a “gloomier” outlook for next year.
Energy BulletsCommodities
Energy BulletsCommodities

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