What do Saudi Energy Minister’s statements mean for oil price outlook?

While speaking before the World Petroleum Congress in Canada, Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman noted that Saudi Arabia is targeting less volatility in energy markets rather than targeting prices.

Crude oil prices continue to edge higher following these statements and the barrel of West Texas Intermediate was last seen rising nearly 1% on the day at $92.00.

Key Quotes

“Main pillar for energy security is sustainable markets.”

“The whole world should focus on energy security.”

“International energy markets need light handed regulation.”

“OPEC conduct is benign, no different from central bank actions.”

“We want to be proactive, pre-emptive, precautious.”

“Jury still out on Chinese demand, European growth, what central bankers will do.”

“IEA has moved from market forecaster to political advocate.”

“World could go from one type of energy crisis to another if supply chains for critical minerals aren’t well planned.”