Opec+ gives Saudi chairman power to intervene to address market developments

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DUBAI, Sept 6 — Opec+ members have trusted their chairman, Saudi Energy Minister Prince Abdulaziz bin Salman al-Saud, to intervene whenever necessary to stabilize crude markets...

DUBAI, Sept 6 — Opec+ members have trusted their chairman, Saudi Energy Minister Prince Abdulaziz bin Salman al-Saud, to intervene whenever necessary to stabilize crude markets through calling for a meeting at any time if necessary, a Gulf source with knowledge of the matter told Reuters.

Opec has been observing wild fluctuations in oil prices and its de facto leader Saudi Arabia last month flagged the possibility of output cuts to address what it sees as exaggerated oil price declines. Benchmark Brent crude oil has dropped to about US$95 a barrel from US$120 in June on fears of an economic slowdown and recession in the West.

Yesterday’s decision represents only 0.1 per cent of global demand and essentially maintains the status quo but was an important statement to the market, the Gulf source said. “Today’s cut is symbolic and it is to send a message to the market that the group will use all the tools in its kit to bring stability,” the Gulf source with knowledge of the matter said. — Reuters

 

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