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Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman at the World Petroleum Congress defended OPEC+ cuts to oil market supply, saying international energy markets need light-handed regulation to limit volatility. Oil prices have been rising in recent months amid supply cuts , which have been met with extended voluntary supply cuts from Saudi Arabia and Russia. According to the International Energy Agency, the cuts will mean a substantial market deficit through the fourth quarter, but Prince Abdulaziz notes that supply and demand forecasts are not always reliable.

OPEC+ Cuts Defended by Saudi Arabia’s Minister of Energy

Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman at the World Petroleum Congress defended OPEC+ cuts to oil market supply, saying international energy markets need light-handed regulation to limit volatility. Oil prices have been rising in recent months amid supply cuts , which have been met with extended voluntary supply cuts from Saudi Arabia and Russia. According to the International Energy Agency, the cuts will mean a substantial market deficit through the fourth quarter, but Prince Abdulaziz notes that supply and demand forecasts are not always reliable.

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