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Saudi Prince’s Oil Diplomacy Makes Mark at OPEC Meeting Debut

Gasoil News - Published on Tue, 17 Sep 2019

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Bloomberg reported that since the launch of its strategy to revive global oil markets 3 years ago, one of the biggest challenges faced by OPEC and its allies is that not all the producers have pulled their weight. In the subtle diplomacy of Saudi Arabia’s new energy minister, they may at last have found a solution. Oil prices have slid about 16% from a high in April this year even as the 24-nation coalition has cut production to check the glut threatened by faltering demand and surging US shale oil. A big part of their struggle has been that some producers in the accord, most notably Iraq and Nigeria, have ramped up output rather than reduced it as promised.

A meeting of the group in Abu Dhabi recently signaled they intend to turn the page. Officials from both errant countries addressed its closing press conference with solemn assurances they will meet their commitments in full.

While Iraq and Nigeria have promised in the past to mend their ways, this time seemed different and the explanation for that may lie with Prince Abdulaziz bin Salman, appointed less than a week ago as energy minister of Saudi Arabia, OPEC’s biggest member.

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Posted By : Rabi Wangkhem on Tue, 17 Sep 2019
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