Saudi Arabia’s new Energy Minister, Prince Abdulaziz Bin Salman, said Monday that oil production cuts would benefit all exporting nations, in an indication he will support further reductions to address an oversupplied market and sagging prices.
In his first comments since being appointed by his father King Salman on Sunday, the minister signaled no major change in approach in Saudi Arabia, the De Facto Opec leader which pumps about a third of the cartel’s oil.
Crude prices are moving around levels of $60 a barrel, in contrast with more than $75 a year ago, but were given a boost Monday by the Saudi official’s comments, with west Texas intermediate oil for October delivery advancing 53 cents to $57.05 a barrel.
