Oil rises
as Saudi signals OPEC cuts to continue under new minister
Oil rose on Monday on
expectations that Saudi Arabia, the world's largest oil exporter, will continue
to support output cuts by OPEC and other producers to prop up prices under new
Energy Minister Prince Abdulaziz bin Salman.
Salman, a long-time
member of the Saudi delegation to the Organization of the Petroleum Exporting
Countries, was named minister on Sunday, replacing Khalid al-Falih. He is the
son of Saudi King Salman. It is the first time the energy portfolio has been
handed to a member of the royal family. He helped
to negotiate the current global agreement on supply cuts between OPEC and
non-OPEC countries including Russia, a group known as OPEC+.
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