Saudi Arabia signals OPEC cuts to continue under new energy minister

New Saudi energy minister urges producers to share burden

In June past year, a crunch OPEC meeting was on the edge of collapse.

Mills said Prince Abdulaziz will likely maintain the deal al-Falih struck with global oil producers to cut production, and not be able to increase them given the current market conditions.

"I'm not here to pre-empt the meeting that will be held in two days", he said.

The understudy is now playing the lead.

"We have always said that Aramco is ready whenever the shareholder makes a decision to list and as you heard from his Royal Highness Prince Abdulaziz yesterday that it is going to be very soon, so we are prepared - that's the bottom line", he said.

While putting a prince in charge of oil policy is unprecedented, Abdulaziz is no novice.

Last week, Falih was replaced as chair of Saudi Aramco just as efforts are being stepped up to prepare the state oil company for an initial public offering. In 1985, while in his 20s, he became an adviser to the Saudi energy ministry before being named deputy oil minister and assistant oil minister.

Emirates Energy Conference
Amin Nasser the chairman and chief executive of the state-run oil giant Saudi Aramco

Prince Abdulaziz bin Salman spoke on Monday in Abu Dhabi at an energy conference about the role Opec member-states and other major oil producers like Russian Federation have ahead of a meeting this week to discuss global production cuts of 1.2 million barrels per day. London, Hong Kong, and Tokyo have all been rumored at some point as possible global venues for Aramco's listing, and major changes to key positions of power within the Oil Kingdom point to a decision being made in the very near future. -China trade war saps the outlook for global energy demand.

Saudi officials have approached some of the richest families in Saudi Arabia about potentially becoming anchor investors in the IPO, Bloomberg reported earlier this week. "The pillars don't change". During that period he led a team responsible for Saudi Arabia's oil strategy as well as long term Opec strategy. He was prone to using central banking tropes like "whatever it takes" in attempts to jawbone prices higher.

"Accordingly, I think OPEC+ will not resort to new production cuts" because that would further blunt the group's already shrunken market share, he said. "He is a bridge-builder, he's an astute diplomat". Aramco is now chaired by the head of the sovereign wealth fund and the industrial portfolio rests with another minister.

"The IPO really made us all focus on even exerting and accelerating every possible effort to highlight this", the prince said. Crude prices have stabilized around $60 a barrel, about $20 below what the kingdom needs to balance its budget.

Prices on Monday were also supported by a rise in oil imports in China in August, with shipments to the world's biggest importer up 3% from July and almost 10% higher in the first eight months of 2019 from a year earlier.

But in the three years since Prince Mohammed was appointed crown prince, he has upended convention in the absolute monarchy with his aggressive drive to reshape the conservative nation according to his vision. "The world can no longer afford such policy miscalculations". But the prince's more prominent role in the last two years - active at OPEC meetings and leading talks with Kuwait - suggests they'd become closer in the run-up to his promotion.

Crude prices are now moving around levels of $60 a barrel, compared with more than $75 a year ago, but were given a boost Monday by the Saudi official's comments.

Project Resistance Teaser Trailer Reveals a Co-Op Resident Evil Shooter
Its existence has been known for some time now, with leaks indicating that it would be a multiplayer experience of some sort. The trailer is only a cinematic one, but many more details are expected to be revealed later this week at Tokyo Game Show.

Related News:



Most liked

U.S. reportedly extracted spy from Moscow over fear of Trump spilling beans
Kommersant published a picture of a house in Virginia which it said had been bought by a man named Smolenkov in 2018. Asked to confirm whether Smolenkov was a Central Intelligence Agency agent, Peskov responded negatively.

Leaked Pixel 4 Promo Shows Off Astrophotography Mode
To remind you, Night Sight is Google's low-light photography mode, which already produces formidable photos on the Pixel 3 and 3a. The next leak on the list comes in the form of a video, more specifically, a leaked promotional video of the alleged Pixel 4 .

Here's how ME colleges scored in the 2020 U.S
This is the second year that the "Best Colleges" rankings has included social mobility in its measures of academic quality. News first-year experience category recognizes schools that help new students feel connected well beyond orientation week.

Trump reveals, pulls plug on 'secret' Afghanistan peace summit at Camp David
The US-backed government in Kabul had eyed the deal with deep unease and long complained of being sidelined from the talks. Criticism of the Camp David outreach came even from Trump supporters. "No member of the Taliban should set foot there".

Brawn: Boosting Vettel's confidence a 'priority' for Ferrari
In their official report, it was noted that "the stewards considered this to be a unsafe incident". The only penalty more severe is a black flag, which denotes an instant disqualification.

Bears-Packers Week 1 opener garners impressive TV ratings
After a first quarter in which the Packers had minus-12 total yards, Rodgers said his thinking was, "It can't get any worse". A run and a pass netted zero yards, then Rodgers was sacked heavily by Roy Robertson-Harris for a 10-yard loss.

Zimbabwe government wants to bury Mugabe next Sunday
His nephew, Leo Mugabe, said the family would meet on Sunday to discuss the body's departure. To us, he was a father who liberated us.

Trump Challengers Angry Over States' Plans to Cancel Primaries
In January, the Republican National Committee voted to express its "undivided support" for Trump and his "effective presidency". However, although Sanford has been a frequent critic of Trump, he has said he would back the President instead of a Democrat.

Island not now affected by BA pilot strike
Nearly 200,000 fliers are affected by the strike, and British Airways offered those individuals full refunds or rebooking options. Empty check-in desks stand in Terminal 5 at London Heathrow Airport in London , U.K., on Monday, Sept. 9, 2019.

How to Watch UFC PPV Online
However, if that proposed fight does not come to fruition, then a blockbuster grudge rematch with McGregor "makes a lot of sense". Poirier suffered a third-round submission defeat to Nurmagomedov in their UFC 242 headliner in Abu Dhabi on Saturday.

FIRE PLAN: Bushfire season ignites early
Since Thursday in Queensland , more than 20 structures-including 15 houses-have been destroyed, with that number expected to rise. Up to 650 firefighters are now deployed across the state and 27 aircraft are being used to drop water from above.

Ireland heads to Rugby World Cup ranked number 1
They took the top ranking spot for the first time ever, following Saturday's 19-10 win over Wales at the Aviva Stadium. They should seek medical attention from practitioners experienced in concussion management before returning to play.

North Korea braces for Typhoon Lingling
Seoul said on Sunday it was surveying the effect of the typhoons and engaging in recovery work. The storm was moving near Russia's Vladivostok as of Sunday morning.

New book uncovers fresh Harvey Weinstein revelations
Much of the discussion shifted to Paltrow, who had her own confrontation with Weinstein that involved then-boyfriend Brad Pitt. Weinstein's lawyer, Donna Rotunno, said those allegations and others in the book are false.

Bugatti Chiron Super Sport 300 confirmed
The road-going Chiron Super Sport 300+ will feature normal seats and also be free of the roll cage of the prototype. The record was set in an Agera RS owned by a customer in the hands of Koenigsegg's test driver Niklas Lilja.