Saudi energy minister: no need for OPEC+ meet if no agreement on handling oil market crisis

FILE PHOTO: Saudi Arabia's Minister of Energy, Prince Abdulaziz bin Salman Al-Saud attends a session at the 50th World Economic Forum annual meeting in Davos, Switzerland, January 23, 2020. REUTERS/Denis Balibouse

DUBAI - Saudi Arabia’s energy minister said on Tuesday he does not see a need to hold an OPEC+ meeting in May-June if there was no agreement on what measures should be taken to deal with the impact of the coronavirus on oil demand and prices. “I fail to see the wisdom for holding meetings in May-June that would only demonstrate our failure in attending to what we should have done in a crisis like this and taking the necessary measures,” Prince Abdulaziz bin Salman told Reuters, responding to comments made by his Russian counterpart on Tuesday.

Prince Abdulaziz said every oil producer needs to maintain its market share, after Russian energy minister Alexander Novak earlier was quoted as saying that discounts offered by Saudi Aramco for its oil have led to panic in the market. “In a free market every producer needs to demonstrate its competitiveness, preserve and increase its market share,” the Saudi minister added.

Tell Saudis to piss off, you are using renewable energy. Biggest polluter on earth is MBS company Aramco. MBS also ordered murder of JamalKhashoggi and MacMerica could not care less if you murder Washington Post journalists.

This guy looks like a villain from an Agatha Christie novel.

This guy looks like the perfect evil villain. Or maybe the evil villain's evil accountant or something

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

US gas prices expected to fall as coronavirus and failed OPEC talks send oil market reelingThe novel coronavirus outbreak and disagreements between OPEC caused global oil prices to plummet Monday, and experts say this could mean U.S. consumers are likely to see much lower prices at the gas pump. Not the way I had imagined would cause the gas prices to go down. Lower prices at the pump to stimulate sales and economy recovery. F*ck Russia AND Riyadh. US shale will survive. Guess what’s more contagious than the Coronavirus? Panic.
Source: ABC - 🏆 471. / 51 Read more »

OPEC shock pours fuel on credit-market cindersThe collapse in oil prices and worsening epidemic are causing turmoil in corporate debt markets. Yet the price moves are hard to justify, even matching the damage from Lehman Brothers’ failure in 2008. That adds weight to fears that bank trading limits can exacerbate a crisis.
Source: Breakingviews - 🏆 470. / 51 Read more »