Oil rose on Monday after a Saudi official said there would be no change in Saudi...
TOKYO - Oil rose on Monday after a Saudi official said there would be no change in Saudi Arabia’s OPEC policy as Prince Abdulaziz bin Salman was made the new energy minister for the world’s biggest crude exporter over the weekend.Prices were heading for a fourth day of gains and were also supported by comments from United Arab Emirates energy minister saying OPEC and its allies are committed to balancing the crude market.
“There is no shift in Saudi oil and OPEC policy. Prince Abdulaziz will work on strengthening cooperation among OPEC and non-OPEC,” a Saudi official said on Sunday. Prince Abdulaziz has been a longstanding member of the Saudi delegation to the Organization of the Petroleum Exporting Countries . UAE’s Minister of Energy and Industry Suhail al-Mazrouei said on Sunday that members of OPEC and non-OPEC producers are “committed” to achieving oil market balance.
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