Oil rises as Saudi signals OPEC cuts to continue under new minister - Premium Times Nigeria

Oil rises as Saudi signals OPEC cuts to continue under new minister

“The change at the top doesn’t necessarily mean a shift in policy as much as it’s being viewed as a move to improve relations within OPEC and with non-OPEC producers in the wake of the latest Russian compliance fissures,” said Stephen Innes, Asia Pacific market strategist at Axi Trader.UAE Energy and Industry Minister Suhail al-Mazrouei said on Sunday that members of OPEC and non-OPEC producers were “committed” to achieving oil market balance.

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. “The fear of slower demand is only going to happen if that tension is escalating and I am personally hopeful that is not the case,” Mazrouei told Reuters on Sunday.

Prices on Monday were also supported by a rise in oil imports in China in August,with shipments to the world’s biggest importer up three per cent from July and nearly 10 per cent higher in the first eight months of 2019 from a year earlier. In the United States, drilling companies cut the number of operating oil rigs for a third week in a row last week. (Reuters/

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