Saudi Energy Minister: Not targeting prices, targeting less volatility
|While speaking at the World Petroleum Congress in Canada, Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said that they are targeting less volatility in energy markets rather than prices, per Reuters.
Key takeaways
"Whole world should focus on energy security.",
"Main pillar for energy security is sustainable markets."
"OPEC conduct is benign, no different from central bank actions."
"International energy markets need light handed regulation."
"We want to be proactive, pre-emptive, precautious."
"Jury still out on Chinese demand, European growth, what central bankers will do."
"IEA has moved from market forecaster to political advocate."
"World could go from one type of energy crisis to another if supply chains for critical minerals aren't well planned."
Market reaction
Crude oil prices continue to edge higher following these comments and the barrel of West Texas Intermediate was last seen rising nearly 1% on the day at $92.00.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.