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Saudi Energy Minister: The objective is not prices, but lower volatility

During his intervention in the World Petroleum Congress in Canada, the Saudi Arabian Energy MinisterPrince Abdulaziz bin Salmanstated that his goal is to reduce volatility in energy markets rather than prices, according to Reuters.

Featured Statements

“The whole world should focus on energy security,”

“The main pillar of energy security is sustainable markets.”

“OPEC’s behavior is benign, it is no different from the actions of central banks.”

“International energy markets need light regulation.”

“We want to be proactive, preventive, cautious.”

“The jury is still out on Chinese demand, European growth or what central banks will do.”

“The EIA has gone from predicting markets to defending policy.”

“The world could move from one type of energy crisis to another if supply chains for critical minerals are not well planned.”

Market reaction

Crude oil prices continue to rise following these comments, with West Texas Intermediate per barrel rising almost 1% on the day, to $92.00.

Source: Fx Street

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