Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Saudi Oil Minister Says He’s Unconcerned About Rise in Prices

CommoditiesJan 17, 2022 21:10
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
2/2 © Bloomberg. Abdulaziz bin Salman 2/2

(Bloomberg) -- Saudi Arabia’s energy minister said he was unconcerned about oil’s more-than-10% rise this year, even as traders increasingly raise the prospect of prices reaching $100 a barrel.

“I’ve always been comfortable,” Abdulaziz bin Salman said to reporters in Dubai on Monday, where he’s attending at Expo event.

Brent crude’s climbed 11% since the end of December to above $86 a barrel, amid signs consumption will hold up despite the spread of the omicron variant of the coronavirus. At the same time, spare capacity is dwindling as some of the world’s biggest producers struggle to boost output.

Vitol, the world’s biggest independent oil trader, is among those predicting that prices will rise further as supplies tighten.

OPEC+ member Oman said last week that the group -- led by Saudi Arabia and Russia -- would try to prevent the oil market “overheating” and didn’t want prices to reach $100 a barrel.

Prince Abdulaziz also said he wasn’t worried about the U.S. releasing more oil from its Strategic Petroleum Reserve, which could push crude prices down.

©2022 Bloomberg L.P.

Saudi Oil Minister Says He’s Unconcerned About Rise in Prices
 

Related Articles

Gold Rises 2% on Week; First Weekly Win in Five
Gold Rises 2% on Week; First Weekly Win in Five By Investing.com - May 21, 2022

By Barani Krishnan Investing.com -- Gold prices rose 2% on the week to give longs in the game their first weekly win in five. While they may have secured a break from their gloom...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email