Saudi Arabia’s new energy minister said on Monday that\nOPEC’s deal to limit oil production with non-OPEC allies, including Russia,\ncould last as long as possible.<\/p>\n\n\n\n
“Now we have a bigger family, which is OPEC plus,\u201d\nPrince Abdul Aziz bin Salman, the new Saudi energy minister, told an audience\nof delegates at the 24th World Energy Conference in Abu Dhabi.<\/p>\n\n\n\n
\u201cAnd very soon we will celebrate the charter that will\ncontinue putting us together, so until death do us part,\u201d he said.<\/p>\n\n\n\n
Saudi Arabia’s King Salman has replaced Energy Minister\nKhalid al-Falih with former Deputy Minister Prince Abdul Aziz and has years of\nexperience in the Saudi OPEC delegation, it was announced on Sunday.<\/p>\n\n\n\n
Prince Abdulaziz was part of the OPEC team that negotiated\nthe current deal with non-OPEC producers (known as OPEC +) to limit production\nreached in late 2016. The deal was extended in July to March 2020.<\/p>\n\n\n\n
The Kremlin said on Monday it saw no impact on the so-called\n“OPEC +” in the wake of a change of leadership at the Saudi Energy\nMinistry and expected “to work as usual,” Reuters reported.<\/p>\n\n\n\n
Expecting that Saudi Arabia’s approach to the so-called\n“OPEC +” will continue as before, oil prices strengthened on Monday.\nBrent crude traded at $61.99 a barrel, while WTI was trading at $56.99 a\nbarrel.<\/p>\n\n\n\n
The OPEC+ alliance’s policy to curb production has had to\ncope with an oversupply of US shale oil producers and a possible drop in demand\namid US-China trade tariffs seen as undermining global growth.<\/p>\n\n\n\n
Prince Abdul Aziz said he was “by nature an optimist”\nand that the “jury is out” when it came to oil demand forecasts,\nadding that if he took the IEA’s forecast to slow demand, he might “probably\nbe on Prozac all the time”<\/p>\n","protected":false},"excerpt":{"rendered":"
Saudi Arabia’s new energy minister said on Monday that OPEC’s deal to limit oil production with non-OPEC allies, including Russia, could last as long as possible. “Now we have a bigger family, which is OPEC […]<\/a><\/p>\n<\/div>","protected":false},"author":1,"featured_media":1331,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[40,4],"tags":[93,90,42,50,77,36,34,114,48,24,131,41,44,43,95,72,14,22,119,45,109,81,115],"_links":{"self":[{"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/posts\/1330"}],"collection":[{"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/comments?post=1330"}],"version-history":[{"count":1,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/posts\/1330\/revisions"}],"predecessor-version":[{"id":1332,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/posts\/1330\/revisions\/1332"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/media\/1331"}],"wp:attachment":[{"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/media?parent=1330"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/categories?post=1330"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/tags?post=1330"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}