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More oil output cuts on the way as Saudi Arabia backs proposal

More oil output cuts on the way as Saudi Arabia backs proposal

Abu Dhabi - Meanwhile, oil prices rose more than one per cent on Monday.



By Team KT

Published: Mon 9 Sep 2019, 11:00 PM

Last updated: Tue 10 Sep 2019, 1:20 AM

 Saudi Arabia's new Energy Minister Prince Abdulaziz bin Salman said on Monday oil production cuts would benefit all exporting nations, in an indication he will support further reductions to address an oversupplied market and sagging prices.
While ruling out radical change in Saudi Arabia's oil policy, the minister said the world's top oil exporter would keep working with other producers to achieve market balance and that an Opec-led supply-curbing deal would survive "with the will of everybody".
"We have always worked in a cohesive, coherent way within Opec to make sure that producers work and prosper together," he said.
Prince Abdulaziz 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.
"Cutting output will benefit all members of Opec," he told Al Arabiya on the sidelines of the conference.  He further said Saudi Arabia wants to enrich uranium in the future to fuel its planned nuclear power programme. "We are proceeding with it cautiously ... we are experimenting with two nuclear reactors," he said.
Meanwhile, oil prices rose more than one per cent on Monday. Brent crude futures gained 74 cents, or 1.2 per cent, to $62.28 a barrel by 1440GMT, while US West Texas Intermediate (WTI) crude futures rose $1.06, or 1.9 per cent, to $57.58 a barrel.
business@khaleejtimes.com


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