Oil prices rose by nearly 2% early on Tuesday after the Saudi energy minister warned short sellers to “watch out” and as seasonal demand for fuel is set to rise at the start of the U.S. driving season this weekend.
ABU DHABI, May 9 (Reuters) – The United Arab Emirates’ energy minister Suhail al-Mazrouei said on Tuesday that additional voluntary output cuts by the OPEC+ producer group were implemented to balance the oil market.
Saudi Energy Minister Prince Abdulaziz Bin Salman yesterday said that there is a possibility of imposing a price cap on Saudi oil exports and “we will not sell oil to any country that imposes a cap on our supplies.”
Saudi Energy Minister Prince Abdulaziz bin Salman announced the Kingdom’s strategic plans to increase its production of oil, gas and clean energy.
OPEC+ members leave politics out of the decision making process and out of their assessments and forecasting, Saudi energy minister Prince Abdulaziz bin Salman bin Abdulaziz said in an interview with the Saudi state news agency on Tuesday.