Oil rises as new Saudi minister commits to output cuts

Oil rises as new Saudi minister commits to output cuts

Prince Abdulaziz bin Salman can be seen embracing his brother, Crown Prince Mohammed bin Salman, after giving his oath at the Red Sea port of Jedda.

Prince Abdulaziz bin Salman is the first member of the Saudi royal family to be appointed to the all-important role of energy minister but he faces the same constraints as the commoners who held the position before him. "The new Saudi energy minister has not said anything that deviates from the previous policy".

The prince was in Abu Dhabi to attend the World Energy Congress, followed by a meeting on Thursday of the Joint Ministerial Monitoring Committee (JMMC) of the OPEC+ alliance for a supply cut deal reached a year ago.

Oil is on the verge of an upside breakout as the oil trade is expecting that, at the very least, OPEC plus Russian Federation will continue with production cuts at its Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC) meeting on Thursday.

However, he appeared to swing his support behind further curbs to rebalance the crude market. He added that he and Prince Abdulaziz discussed cooperation within the alliance between OPEC and non-OPEC members.

Enter Al-Falih's deputy, an urbane OPEC veteran who'd worked with Iranian Oil Minister Bijan Zanganeh for decades. The U.S. Department of Energy will publish its Short-Term Energy Outlook later on Tuesday, while the Organization of Petroleum Exporting Countries will release its report on Wednesday and the International Energy Agency's review is due Thursday.

"The weekend announcement of a change in leadership within the Saudi oil ministry was accompanied by strong suggestions that production restraint would continue until the market achieves a better balance", Jim Ritterbusch, president of Ritterbusch and Associates, said in a note.

The Buzzard oil field in the North Sea
The Buzzard oil field in the North Sea

Saudi Arabia wants to have uranium production and enrichment in future for its planned nuclear power program that will begin with two atomic reactors, the Kingdom's new energy minister said on Monday.

Analysts say the JMMC monitoring body has limited options when it meets in Abu Dhabi to formulate recommendations ahead of an OPEC+ ministerial meeting in Vienna in December. -China trade war and fears of an economic slowdown have started to slow demand and hit market sentiment.

The world's top oil exporter has said it wants to use the metal to diversify its energy mix, but uranium enrichment also opens up the possibility of military uses of the material, the issue at the heart of Western and regional concerns over Iran's atomic work.

Speaking to reporters in Abu Dhabi, he said that one or two countries "need to be more committed" in order to bring benefits to the entire industry.

Still, Russia's oil output in August exceeded its quota under the OPEC+ agreements.

Meanwhile, global oil demand growth is low, while American crude output from its shale inventory shows little indication of losing momentum.

But in the past efforts to lift prices have routinely backfired in the medium term (18-36 months) by encouraging competing supplies and limiting consumption through greater fuel efficiency, conservation and substitution.

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