OPEC's policy of supporting prices through supply cuts has given a sustained boost to US shale and other rival supply, and the report suggests the world will need less OPEC crude next year.
His remarks suggest he will continue a similar policy to that of his predecessor, Khalid al-Falih, who led the deal to cut global production among major producers.
The energy minister's job has always been viewed as one of the most secure government positions in the kingdom and above internal politics, reflecting Saudi Arabia's position as the world's top oil exporter and swing producer.
Oil minister Dharmendra Pradhan on a three-nation visit courted the new Saudi Arabian minister in Jeddah.
Saudi Arabia's economy has been struggling with subdued growth after oil prices began to slump in 2015. He said the global economic outlook was expected to improve once a trade dispute between the USA and China was resolved.
For Crown Prince Mohammed bin Salman, the Aramco IPO forms the cornerstone of a reform programme that aims to wean the Saudi economy off its reliance on fossil fuels.Читайте также: Trump says USA peace talks with Taliban 'dead'
"What they look like at the end is going to be a subject of negotiation, but as we move forward with U.S. technology in particular, we are very much committed to finding an appropriate 123 with Saudi Arabia".
"The new minister is highly experienced and knows his subject better than just about anyone in the country", said Joseph Kechichian, senior fellow at the King Faisal Center for Research and Islamic Studies in Riyadh.
In his first comments since being appointed by his father King Salman on Sunday, the minister signalled no major change in approach in Saudi Arabia, the de facto OPEC leader which pumps about a third of the cartel's oil. United States production generated a record 12.65 million barrels per day (MBD), based on August data as new export pipelines projected in the coming months prompt USA energy officials to produce some 13.85 MBD by end of 2019. Saudi Arabia has not said where an global listing would happen.
"People are speculating about a global recession but there is no recession today", he said. He added that he and Prince Abdulaziz discussed cooperation within the alliance between OPEC and non-OPEC members.
For India, the changes are even more keenly watched as the country gets more than 80 per cent of its oil imports from the Organisation of Petroleum Exporting Countries (OPEC) headed by Saudi Arabia, which is also the country's second biggest supplier of crude. "The new Saudi energy minister has not said anything that deviates from the previous policy".
Oil futures hit a six-week high on Tuesday, rising for a fifth day on optimism that OPEC and other countries may agree to extend production cuts in a bid to support prices.
The prince, who is in his late 50s, has also been closely involved in the planning and execution of Saudi Arabia's cuts to energy subsidies as part of economic reforms.При любом использовании материалов сайта и дочерних проектов, гиперссылка на обязательна.
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