Comments Wednesday US time from Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman.
He said of OPEC that:
- "We have also a role in taming and containing inflation, by making sure that this market doesn't get out of hand"
He did hedge somewhat:
- its not clear whether oil prices are gaining due to "real supply and demand"
- or because of "expectations and trajectories that are excessively optimistic"
His remarks come ahead of next week's OPEC+ meeting
- The Organization of the Petroleum Exporting Countries and allies (Russia the biggie amongst these)
- meet on July 1
Earlier posts on what is expected from next week's meeting:
- Oil - OPEC+ meeting next week - murmurs of an increase in supply (from August)
- OPEC forecast US oil production to rise 500K to 1.2m bpd next year
- Russia is reportedly considering proposing an increase in oil production
- Oil analysts says OPEC+ needs to urgently increase supply
