Oil & Gas | National Investor Network

Saudi Arabia’s new energy minister seen holding steady on OPEC production policy

Written by Jennifer Delay Iacullo | Sep 10, 2019 3:06:27 PM

The government of Saudi Arabia has signaled that it intends to continue adhering to OPEC’s production policy. Following the appointment of Prince Abdulaziz bin Salman as energy minister over the weekend, officials in Riyadh said there were no plans to change the country’s policy on this front.

“There is no shift in Saudi oil and OPEC policy,” a Saudi official told Reuters on condition of anonymity. “Prince Abdulaziz will work on strengthening cooperation among OPEC and non-OPEC [oil producers].”

Saudi Arabia has led the way in complying with the regime of production cuts that OPEC, Russia, and several other countries began implementing in late 2016. Oil prices have moved up in response to the news that the country’s new energy minister remains committed to balancing the market.

Prince Abdulaziz bin Salman is the first member of the Saudi royal family to head the Ministry of Energy.