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

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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