Middle East

Saudi Arabia’s oil minister says he is not worried about rising prices

Saudi Arabia’s energy minister said he was not concerned about a rise of more than 10% in oil this year, even though traders are increasingly raising their prospects to reach $ 100 a barrel.

“I was always comfortable,” Abdul Aziz bin Salman told reporters in Dubai on Monday, where he attended an exposition event.

Brent crude oil rose 11% from the end of December to over $ 86 a barrel. Despite the prevalence of the Omicron variant of coronavirus, there are signs that consumption will continue.

At the same time, reserve capacity is declining as some of the world’s largest producers are struggling to increase production.

Bittle, the world’s largest independent oil trader, is one of those who predicts that prices will rise further as supply becomes tight.

OPEC + member Oman said last week that a group led by Saudi Arabia and Russia was trying to prevent “overheating” in the oil market and did not want prices to reach $ 100 a barrel.

Prince Abdul Aziz also said he was not worried that the United States could release more oil from its strategic petroleum reserves and push oil prices down.



https://gulfbusiness.com/saudi-oil-minister-says-hes-unconcerned-about-rise-in-prices/ Saudi Arabia’s oil minister says he is not worried about rising prices

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