Posted 11/10/2023, 3:12:00 PM
Saudi Minister: Oil Demand Still Strong, Production Cuts Coming Despite Price Drop
- Oil demand is not weak, Saudi energy minister claims - it's a "ploy" by speculators
- Higher Middle East oil exports recently are from seasonal factors, not increased production
- Saudi Arabia cutting production by 1 million barrels per day through end of year
- Oil prices dropped from ~$100 in September to ~$81 currently
- Saudi minister says underinvestment could cause oil prices to soar to $150/barrel eventually