How decision of Saudi prince is set to hit Aussie wallets

Saudi Aramco CEO Amin Nasser was among the speakers at the World Energy Congress in Abu Dhabi

In the United States, drilling companies cut the number of operating oil rigs for a third week in a row last week.

"Despite no radical change in oil policy, the developments over the weekend continue to underscore the Kingdom's commitment to stabilizing markets and pushing prices higher", said Michael Tran, a commodity strategist at RBC Capital Markets.

Brent crude futures gained $US1.05, or 1.7 per cent, to settle at $US62.59 a barrel, while US West Texas Intermediate crude futures rose $US1.33, or 2.4 per cent, to settle at $US57.85 a barrel.

Crude in NY rose for a fourth straight session amid optimism around OPEC policy, with the United Arab Emirates energy minister promising a push to get all members committed to curbs.

"When it comes to OPEC politics, [Prince Abdulaziz] is a master at that", independent energy expert Anas Alhajji told MarketWatch.

Enter Al-Falih's deputy, an urbane OPEC veteran who'd worked with Iranian Oil Minister Bijan Zanganeh for decades.

While putting a prince in charge of oil policy is unprecedented, Abdulaziz is no novice.

Saudi officials, however, have said they wouldn't agree to a deal that denies them the possibility of enriching uranium or reprocessing spent fuel, which could lead to a nuclear bomb.

Russian Federation and Saudi Arabia are the two leading oil producers in OPEC and non-OPEC global oil production cut deal.

Saudi Arabia, OPEC's largest producer and de facto leader, will continue to work with other producers to reach oil market balance, adding that the OPEC+ coalition of producers would stay for the long term.

"Had a healthy exchange on further deepening bilateral trade and investment in the energy sector", he said.

No decisions will be taken at Thursday's meeting, but it should produce recommendations ahead of an OPEC+ ministerial meeting in Vienna in December.

Prince Abdulaziz said he wouldn't describe concerns over global trade tensions that are impacting oil prices as a "trade war", saying: "I'm fundamentally an optimist".

But the issue of uranium enrichment has been a sticking point with Washington, especially after Crown Prince Mohammed bin Salman said in 2018 that the Sunni Muslim kingdom would develop nuclear arms if regional rival Shi'ite Muslim Iran did.

Iran had threatened to storm out and sink a deal on production quotas, accusing the Saudi Oil Minister Khalid Al-Falih of trying to steal market share.

Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman speaks during the opening ceremony of the 24th World Energy Congress (WEC) in the UAE capital Abu Dhabi. "Fundamentally, Saudi Arabia's energy policy is resting on few pillars". "Energy efficiency programs will get a boost under his leadership". You could lose all of your deposited funds.

Dan Brouillette, a U.S. deputy energy secretary, iat the World Energy Congress in Abu Dhabi, United Arab Emirates, September 9, 2019.



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