Saudis Say Cautious Approach to Restoring OPEC+ Output Paid Off
- Oil market is ‘not out of the woods yet’ says Prince Abdulaziz
- Oil is at a two-year high above $70 a barrel as demand rises
Energy Minister Prince Abdulaziz bin Salman
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
Saudi Arabia’s cautious approach to reviving OPEC+ oil output has been proved correct, said Energy Minister Prince Abdulaziz bin Salman.
After a year of oil market turmoil due to the coronavirus pandemic, fuel consumption is seeing robust growth and the International Energy Agency is calling for the cartel to boost supplies. Yet, in the minister’s view “we still are not out of the woods.”