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New Saudi oil minister endorses production cuts

Published : Tuesday, 10 September, 2019 at 12:00 AM  Count : 140

ABU DHABI, Sept 9: Saudi Arabia's new energy minister, Prince Abdulaziz bin Salman, said on 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 signalled no major change in approach in Saudi Arabia, the de facto OPEC leader which pumps about a third of the cartel's oil.
The prince was in Abu Dhabi to attend the World Energy Congress, followed by a meeting on Thursday of the Joint Ministerial Monitoring Committee (JMMC) of the OPEC+ alliance for a supply cut deal reached last year.    -AFP





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