Oil rises as Saudi signals cuts to continue under new minister
Oil rises as Saudi signals cuts to continue under new minister
It’s the first time that a royal family member has been given the charge of this important ministry. — AFP File
12 September, 2019, 13:39
He's devoted most of his adult life to understanding the global energy market and fine-tuning Saudi Arabia's role as the world's largest oil supplier. -China trade dispute was escalating, increasing fears of a recession and slower demand growth.
It is widely speculated that dissatisfaction with Khalid al-Falih grew over the continuing low oil prices despite the Kingdom agreeing to a continued oil output cut.
Enter Al-Falih's deputy, an urbane OPEC veteran who'd worked with Iranian Oil Minister Bijan Zanganeh for decades.
Among the best performing non-leveraged ETFs of Monday, the SPDR Oil & Gas Equipment & Services ETF (NYSEArca: XES) surged 5.4%, VanEck Vectors Oil Service ETF (NYSEArca: OIH) jumped 5.6% and iShares U.S. Oil Equipment & Services ETF (NYSEArca: IEZ) increased 5.0%.
In his first comments since being appointed by his father King Salman on Sunday, the minister signalled no major change in approach in Saudi Arabia, the de facto OPEC leader which pumps about a third of the cartel's oil.
Oil prices rose on Monday on his remarks.
Trade and geopolitical tensions are affecting the market more than demand and supply, Mazrouei said, but he was quick to rule out hasty steps influenced by the trade war between the United States and China.
"Some people will say this is a normal situation, but if you look at where prices are, Saudi Arabia is not satisfied with US$60-a-barrel oil", he said. USA crude inventories probably dropped for a fourth week through September 6, according to a Bloomberg survey before government data Wednesday.
Prince Abdulaziz is likely to reach the same decision, if he hasn't already, which suggests that oil policy will not change significantly.
Saudi Arabia's King Salman over the weekend dismissed Khalid Al-Falih as the energy minister of the Opec (Organization of the Petroleum Exporting Countries) and replaced him with one of his sons.
In the most recent period, foreign reserves fell by a total of nearly $14 billion in June and July, as lower prices hit export earnings, after increasing by $32 billion over the previous 20 months. Saudi Arabia has not said where an global listing would happen.
Russia's Energy Minister Alexander Novak said the alliance of OPEC and other producers, known as OPEC+, would discuss global oil demand, but there were no fresh proposals to change production cut.
The issue of uranium enrichment has been a sticking point with Washington, especially after Crown Prince Mohammed bin Salman said in 2018 that the kingdom would develop nuclear arms if regional rival Iran were to. That's despite the fact that involuntary production slumps in Venezuela and Iran have failed to have any effect on prices while bringing OPEC's compliance with the cuts well above 100 percent. Rumayyan is a close ally of the crown prince who for three years has run the country's Public Investment Fund, a sovereign wealth fund with $320 billion worth of assets. According to a Bloomberg report, Saudi Aramco is now the world's most profitable company.
The planet in question is known as K2-18b, and orbits a red dwarf star some 110 light-years away in the constellation of Leo. Professor Giovanna Tinetti said: 'Our discovery makes K2-18b one of the most interesting targets for future study'.
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