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Saudi Arabia, Russia Say They Saved Oil From Chaos Seen in Gas

  • Other markets should copy OPEC+’s approach, say Saudi minister
  • Prince Abdulaziz says he’s concerned about next year’s balance
The Gazprom PJSC Chayandinskoye oil, gas and condensate field in the Lensk district of the Sakha Republic, Russia. 

The Gazprom PJSC Chayandinskoye oil, gas and condensate field in the Lensk district of the Sakha Republic, Russia. 

Photographer: Andrey Rudakov/Bloomberg
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Oil’s stability relative to natural gas and coal underscore that OPEC+ is doing a good job balancing supply and demand, said the energy ministers of Saudi Arabia and Russia.

While crude has jumped to a three-year high above $80 a barrel, the increase has been nothing compared to volatility seen with gas and coal prices, Saudi Energy Minister Prince Abdulaziz bin Salman said on Thursday. He reiterated that the OPEC+ cartel, led by Riyadh and Moscow, should stick with gradual production increases, despite calls from many traders and even the White House for it to move faster.