Saudi Arabia Says OPEC+ Focus on Oil Cuts Undeterred by Unrest

Group is resolved to reduce inventories to five-year average
Concerns over Hormuz Strait passed quickly: Energy Minister

Saudi Arabia Energy Minister Prince Abdulaziz bin Salman discusses Iran-U.S. tensions and OPEC+ oil production cuts.Source: Bloomberg

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By Verity Ratcliffe and Annmarie Hordern

January 13, 2020 at 12:11 PM UTC

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Saudi Arabia’s Energy Minister said that OPEC and its allies remain focused on using production cuts to reduce oil inventories to normal levels, undeterred by the flare up of political tensions in the Middle East.

Oil prices have erased all of this year’s rally, which saw Brent crude surge to a three-month high of almost $72 a barrel as Washington and Tehran faced off after the U.S. assassination of a top Iranian general. Crude retreated again as the countries backed away from full-blown conflict, while supplies remain comfortable.