New Saudi oil minister endorses production cuts

ABU DHABI - 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.

The ministers will consider fresh reductions, even though analysts are doubtful such a move would succeed in bolstering crude prices which have been badly dented by the US-China trade war. He replaces veteran official Khalid al-Falih as the world's top crude exporter accelerates preparations for a much-anticipated stock listing of state-owned oil giant Aramco, expected to be the world's biggest.

Analysts say the JMMC monitoring body has limited options when it meets in Abu Dhabi to formulate recommendations ahead of an OPEC+ ministerial meeting in Vienna in December.

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