Saudi Arabia’s energy minister Prince Abdulaziz bin Salman spoke in an interview with Energy Intelligence on Tuesday.
- “There are those who continue to think we wouldd adjust the agreement ... I say they need to wait until Friday Dec 29 2023 to demonstrate to them our commitment to the current agreement.”
Added that the US Senate's proposed No Oil Producing and Exporting Cartels (NOPEC) bill was a different concept from price caps that have been imposed by Western countries on Moscow over the invasion of Ukraine, yet they had similar potential impacts on the oil market
- "The NOPEC bill does not recognize the importance of holding spare capacity and the consequences of not holding spare capacity on market stability,”
- bill would undermine investments in oil capacity and cause global supply to fall, and any price caps would have a similar effect.
Info comes via Reuters.
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Oil has come back a little after its slump overnight:
