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Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman Al-Saud speaks during 10th Arab-China Business Conference in Riyadh, Saudi Arabia, June 11, 2023. REUTERS/Ahmed Yosri/File Photo Acquire Licensing Rights
CALGARY, Alberta, Sept 18 (Reuters) – Saudi Arabia’s energy minister, Prince Abdulaziz bin Salman on Monday defended OPEC+ cuts to oil market supply, saying international energy markets need light-handed regulation to limit volatility.
Speaking at the World Petroleum Congress in Calgary, Prince Abdulaziz said there was ongoing uncertainty about Chinese demand, European growth and central bank action to tackle inflation.
Asked about Chinese demand, Prince Abdulaziz said the situation “is not bad yet.”
“The jury’s still out. This is the fundamental issue – the jury’s still out.”
Saudi Arabia and Russia on Sept. 5 extended voluntary supply cuts of a combined 1.3 million barrels of oil per day to year end. OPEC, Russia and allied producers are known as OPEC+.
The cuts will mean a substantial market deficit through the fourth quarter, the International Energy Agency (IEA) said on Wednesday.
But Prince Abdulaziz noted that supply and demand forecasts are not always reliable.
“It’s always better to go by my motto, which is, ‘I believe it when I see it.’ When reality comes around as it’s been forecast, Hallelujah, we can produce more.”
The congress is a five-day gathering of officials from oil-producing companies and countries in Calgary, Alberta, Canada’s oil capital.
Reporting by Nia Williams and Rod Nickel
Our Standards: The Thomson Reuters Trust Principles.
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