LONDON, Sept 19 (Reuters) - Saudi Arabia’s oil minister denied the kingdom’s recent production cuts have been intended to boost prices, in remarks at the World Petroleum Congress in Calgary on Sept. 18.
jacking up prices, it’s about making the decisions that are right when we have the data,” he said (“Saudi Arabia’s energy minister says oil cuts not about jacking up prices”, Financial Times, Sept. 18).
Relative contributions from production cuts and faster economic growth are impossible to establish with any certainty.
Even after the rise in crude prices, however, they remain moderate compared with periods of high prices in 2007-2008 and 2011-2014 once inflation is taken into account.
Related columns:- Oil prices surge as stocks drain away from Cushing (Sept. 15, 2023)- Depleting U.S. crude stocks draw in hedge funds (Sept. 11, 2023)- Depleting U.S. crude inventories lift oil prices (Aug. 31, 2023)John Kemp is a Reuters market analyst.
Persons:
“ It’s, ”, Prince Abdulaziz bin Salman, It’s, ‘, Brent, John Kemp, Jan Harvey
Organizations:
World Petroleum Congress, Financial, . Energy, Reuters, International Energy Agency, Thomson
Locations:
Saudi, Calgary, China, Europe, North America, Saudi Arabia, Russia, U.S, Cushing