Saudi Arabia’s energy minister defended the kingdom’s decision to extend oil production cuts, insisting the “jury is still out” on a global economic recovery, even as crude prices push towards $100 a barrel.
Riyadh and Moscow announced this month they would extend production and export cuts to the end of the year, pushing Brent crude, the international marker, past $90 per barrel for the first time this year.
Prince Abdulaziz bin Salman, Saudi energy minister, told the World Petroleum Congress in Calgary that the move was not “jacking up prices” but about “making the decisions that are right when we have the data”.
Read more on oil here
