Saudi Energy Minister Denies Manipulating Oil Prices as Brent Stabilizes at $95/barrel

Saudi Arabia's energy minister, Prince Abdulaziz bin Salman, stated that the decision to extend crude oil supply cuts with Russia is not aimed at increasing prices, as Brent futures approach $95 a barrel and analysts predict a potential rise to triple digits. The voluntary production and export declines implemented by OPEC+ members, including Saudi Arabia and Russia, are intended to balance the market and make decisions based on data and clarity. The increase in oil prices has led to speculation of a short-term return to $100 per barrel. Chevron CEO Mike Wirth acknowledged the possibility of reaching this threshold, while Saudi Arabia criticized the International Energy Agency's forecasts and advocated for a dual approach to decarbonization. The United States has remained relatively silent on the latest OPEC+ reductions as it balances domestic interests with foreign policy objectives.