Saudi Energy Minister: We want sustainable oil prices

Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman Al-Saud arrives at the OPEC headquarters in Vienna, Austria Dec. 6, 2019.
Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman Al-Saud arrives at the OPEC headquarters in Vienna, Austria Dec. 6, 2019.

Saudi Arabia’s Energy Minister said on Monday that the Kingdom, OPEC’s de facto leader, would like to see stable oil markets and sustainable growth in crude demand and supply.

Abdulaziz bin Salman said it was too early now to talk about whether Organisation of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, would continue with production curbs agreed under a deal that expires in March.

He also told an energy conference that the U.S. is a strategic partner with a big role in international security.

NAN reports that on January 3, OPEC predicted that oil prices in 2020 will recover smartly from late 2019 levels, as demand regains its mojo and supply growth continues to moderate.

In the forecast, the organisation said a weaker U.S. dollar—brought about by globally accommodative monetary policies and a reduction in economic policy uncertainty—also will support prices.

As such, BCA Research forecasts 2020 Brent prices averaging 70 dollars per bl, well above a consensus forecast of under 62.40 dollars per bl produced by over 50 economists and economist survey in an October Thomson Retuters poll.

The recovery in the benchmark oil price is premised on a relatively upbeat assessment of supply and demand dynamics next year—production discipline by Opec+ and capital market restraints on US shale—oil output will moderate supply growth; globally accommodative financial conditions will support demand growth. (Reuters/NAN)


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