Oil firmer after Saudi reassurance that Opec cuts will remain in place

📆 2019/09/09 11:44:00
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Prices rose for a fourth day, supported by comments from the United Arab Emirates’ energy minister that the cartel and its allies are committed to balancing the crude market

Tokyo — Oil rose on Monday on expectations that Saudi Arabia, the world’s largest oil exporter, will continue to support output cuts by Opec and other producers to prop up prices under new energy minister Prince Abdulaziz bin Salman.

Salman, a long-time member of the Saudi delegation to Opec, was named to the position on Sunday, replacing Khalid al-Falih. He is the son of Saudi King Salman and this is the first time the energy portfolio has been handed to a member of the royal family. “The change at the top doesn’t necessarily mean a shift in policy as much as it’s being viewed as a move to improve relations within Opec and with non-Opec producers in the wake of the latest Russian compliance fissures,” said Stephen Innes, Asia Pacific market strategist at AxiTrader.UAE’s minister of energy and industry, Suhail al-Mazrouei, said on Sunday that members of Opec and non-Opec producers are “committed” to achieving oil market balance.

“The fear of slower [oil] demand is only going to happen if that tension is escalating and I am personally hopeful that is not the case,” Mazrouei said.

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