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Saudi Arabia’s energy minister says oil cuts not about ‘jacking up prices’

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By illuminem briefings 🌎

· 2 min read


illuminem summarizes for you the essential news of the day. Read the full piece on the Financial Times or enjoy below

🗞️ Driving the news: Saudi Arabia's decision to extend oil production cuts has been defended by its energy minister, Prince Abdulaziz bin Salman who insists it's not about inflating prices despite crude futures nearing $100 a barrel
• The move to prolong production cuts till the end of the year could have significant implications for global oil prices and international relations

🔭 The context: Amid global economic recovery uncertainties, oil demand has surged, leading Saudi Arabia and Russia to announce extended cuts to their oil production and exports

🌍 Why it matters for the planet: Fluctuations in oil production and pricing, driven by the oil industry's significant contribution to carbon emissions, can affect global energy consumption and the planet's environmental health

⏭️ What's next: Amid production cuts and surging global demand, many, including Chevron's CEO Mike Wirth, anticipate oil prices to exceed $100 a barrel soon
• The International Energy Agency predicts a record oil consumption this year, driven by Chinese demand, resulting in a significant market deficit

💬 One quote: “It’s not about... jacking up prices, it’s about making the decisions that are right when we have the data” (Prince Abdulaziz bin Salman, Energy Minister)

📈 One stat: Post the announcement of the production cuts, Brent crude experienced an over 5% increase, recently nearing $95 a barrel, showcasing the market's sensitivity to geopolitical decisions in the oil sector

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