Saudi Arabia’s oil minister says market must be balanced

12 Septembre, 2019, 13:39 | Auteur: Auguste Feret
  • Saudi Arabia’s new Energy Minister Prince Abdulaziz bin Salman speaks during a panel discussion at the 24th World Energy Congress in Abu Dhabi United Arab Emirates

To prepare for an initial public offering, Aramco replaced al-Falih as board chairman last week with finance-minded Yasir al-Rumayyan, distancing the company from the energy ministry.

"I'm not here to pre-empt the meeting that will be held in two days", he said.

The understudy is now playing the lead.

The appointment of Prince Abdulaziz bin Salman as the new energy minister mirrors the ascent of his half-brother Crown Prince Mohammed bin Salman, the de facto ruler.

"Prince Abdulaziz bin Salman is known as an oil production cutter". After studying management at King Fahd University in Dhahran, he first became an adviser in the energy ministry in the late 1980s.

OPEC and its partners are meeting on Thursday to discuss the next steps in the supply control deal.

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.

The Saudi king figuratively let the ax fall on Al-Falih for one reason: he failed to deliver the impossible task of bringing oil prices higher.

Executives at the annual Asia Pacific Petroleum Conference said on Monday they expect oil prices this year to be pressured by uncertainties surrounding the global economy, the U.S.

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In Abu Dhabi, new Saudi Energy Minister Prince Abdulaziz bin Salman signaled a continuation of the kingdom's policy of output restraint. "The pillars don't change". Saudi Arabia has not said where an worldwide listing would happen. This is driving prices higher this week because it indicates that he's willing to be proactive in supporting prices.

Opec oil output rose in August for the first month this year as higher supply from Iraq and Nigeria outweighed restraint by Saudi Arabia and losses caused by U.S. sanctions on Iran, a survey found.

OPEC has pointed to rising global production next year. Al-Falih was so focused on his relationship with his Russian counterpart Alexander Novak, traditional Saudi allies like Kuwait sometimes felt marginalised.

"Do we have a recession today? No".

The group has been "very conservative" with oil demand numbers, Barkindo said.

The prince will have a far narrower remit than his predecessor.

Its national oil company Saudi Aramco has signed a pact to take equity in a planned giant oil refinery on the west coast and is also in talks with Reliance Industries to buy a 20 per cent interest in its Jamnagar refineries and petrochemical complex. He was also in charge of the kingdom's industrial development.

"This outcome would make OPEC+ target to keep the oil market in balance even more challenging in 2020".

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%. -China trade war dents the outlook for consumption. His other son, Prince Mohammed bin Salman, controls the major levers of power and is heir to the Arab world's most powerful throne. A challenging oil market may test ties between between the two princes.

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