Saudi Arabia’s energy minister, Prince Abdulaziz bin Salman, has come forward to defend the kingdom’s recent decision to extend oil production cuts. Despite crude prices inching closer to $100 a barrel, the minister insists that the “jury is still out” on a global economic recovery.
In collaboration with Moscow, Riyadh announced an extension of production and export cuts until the end of the year. This move has propelled Brent crude, the international benchmark, above $90 per barrel for the first time in 2021.
During his speech at the World Petroleum Congress in Calgary, Prince Abdulaziz bin Salman emphasized that this decision was not aimed at “jacking up prices,” but rather about making informed choices based on available data.
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