Stance heightens expectations Saudi Arabia will extend production cut into 2024
— Prince Abdulaziz bin Salman, Saudi energy minister That’s Prince Abdulaziz bin Salman, Saudi Arabia ’s highly influential oil minister , insisting to reporters in Riyadh that the talk of weakening crude demand that’s been blamed for a sharp retreat for oil prices is the work of speculators rather than a reflection of reality, according to a Bloomberg report.Brent crude BRN00, -0.
Weak data from China has put a renewed focus on demand from the world’s second largest crude consumer, analysts say, while U.S. demand concerns are also on the rise amid fears of a potential economic slowdown and the health of the consumer. Analysts have argued that price weakness will put pressure on the Saudis to announce an extension of the cut into the first quarter of next year.
Saudi Arabia Oil Minister Crude Demand Oil Prices Speculators
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