Saudi Arabia Energy Minister Dismisses Calls for Extra OPEC+ Barrels

OPEC and allies led by Russia, collectively known as OPEC+, have done a “remarkable” job acting as “so-called regulator of the oil market,” says Saudi Arabia energy minister Prince Abdulaziz bin Salman.

Vladimir Soldatkin, Reuters

OPEC leader Saudi Arabia dismissed calls for speedier oil output increases on Oct. 14, saying its efforts with allies were enough and protecting the oil market from the wild price swings seen in natural gas and coal markets.

“What we see in the oil market today is an incremental [price] increase of 29%, vis-à-vis 500% increases in [natural] gas prices, 300% increases in coal prices, 200% increases in NGL ...,” Saudi energy minister Prince Abdulaziz bin Salman told a forum in Moscow on Oct. 14.

OPEC and allies led by Russia, collectively known as OPEC+, have done a “remarkable” job acting as “so-called regulator of the oil market,” he said.

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