OPEC's deal to curb oil production with non-OPEC allies, including Russia, can last the test of time, Saudi Arabia's new energy minister said.
The Kremlin said Monday that it sees no impact on the so-called "OPEC+" deal following the change of leadership at Saudi Arabia's energy ministry and that it expected "business as usual," Reuters reported.
An expectation that Saudi's approach to the so-called "OPEC+" deal will continue as before has buoyed oil prices Monday. Benchmark Brent crude was trading at $61.99 per barrel while U.S. West Texas Intermediate was trading at $56.99 per barrel. The OPEC+ alliance's policy to curb production has had to confront ample supply from U.S. shale oil producers and a potential fall in demand amid U.S.-Sino trade tariffs seen as subduing global growth.
Prince Abdulaziz said he was "by nature an optimist" and that the "jury is out" when it comes to the outlook for oil demand, adding that if he took IEA projections forecasting slowing demand to heart, he would "probably be on Prozac all the time."
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