Saudi Arabia’s oil minister says market must be balanced

Saudi Arabia’s new energy minister says producers “have to share responsibility” to balance the market.

Prince Abdulaziz bin Salman spoke on Monday in Abu Dhabi at an energy conference about the role Opec member-states and other major oil producers like Russia have ahead of a meeting this week to discuss global production cuts of 1.2 million barrels per day.

Saudi Arabia has led cuts in production as the kingpin of Opec to keep oil prices from sliding further.

Oil
The Buzzard oil field in the North Sea (Danny Lawson/PA)

Prince Abdulaziz said: “It’s all about the incremental contributions.”

His remarks suggest he will continue a similar policy to that of his predecessor, Khalid al-Falih, who led the deal to cut global production among major producers.

The prince’s speech marks his debut since being named the kingdom’s new oil minister early on Sunday.

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