According to Arab Net, the minister said what was warning of the risks of the downside - for investors on Wednesday that his job was to prevent such a superior, informed sources on his comments at the Robin Hood conference.
According to Bloomberg, these comments are an attempt by Prince Abdul Aziz to connect directly with Wall Street, and talk to an audience of hedge funds, according to Arabic.
Saudi Energy Minister said: I think my job and functions of others are to ensure that this superior course does not occur. He also warned of the risk of this due to lack of investment.
Fears shrinking supplies
After periods of successive oil collapse, some oil producers and exploration companies reduce drilling budgets to maintain liquidity and avoid a new task in supply. The Saudi Energy Minister fears the cuts have gone away and lead to shrinking raw supplies with demand recovery.
This comes, while global measurement futures rose by 43% so far this year, and on its way to the strongest annual performance in half a contract with the exit of economies from epidemic closures, and the practice of major exporters restraint in oil production.
Careful approach
On the other hand, Saudi Energy Minister said, Saudi Arabia's cautious approach to revive OPEC oil production has proven to be true.
A year after disorders in the oil market because of the Corona virus pandemic, fuel consumption is strong and called on FAO to increase supplies. However, in the minister's opinion we still did not get out of the forest after.
Prince Abdul Aziz bin Salman said at the Robin Hood Conference for investors on Wednesday: many claimed that I was very cautious, according to people familiar with his comments. He added: Well, they bear fruit, according to Bloomberg.
Crude oil futures are traded at the highest level in two years above $ 70 a barrel, enhancing the OPEC and its allies, which is a major member of Saudi Arabia.
The group remains up to 5.8 million barrels per day of market production. Prince Abdul Aziz previously wanted to see a clear evidence of a strong recovery in demand before restoring more of this disabled capacity.
Wednesday's comments indicate that this position is closed even as crude oil prices continue to rise, and it seems that the nuclear deal, which can return millions of ...
