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(Bloomberg) — Saudi Arabia’s power minister stated he was unconcerned about oil’s more-than-10% rise this yr, at the same time as merchants more and more elevate the prospect of costs reaching $100 a barrel.
“I’ve all the time been snug,” Abdulaziz bin Salman stated to reporters in Dubai on Monday, the place he’s attending at Expo occasion.
crude’s climbed 11% because the finish of December to above $86 a barrel, amid indicators consumption will maintain up regardless of the unfold of the omicron variant of the coronavirus. On the identical time, spare capability is dwindling as a number of the world’s greatest producers wrestle to spice up output.
Vitol, the world’s greatest impartial dealer, is amongst these predicting that costs will rise additional as provides tighten.
OPEC+ member Oman stated final week that the group — led by Saudi Arabia and Russia — would attempt to stop the oil market “overheating” and didn’t need costs to achieve $100 a barrel.
Prince Abdulaziz additionally stated he wasn’t anxious in regards to the U.S. releasing extra oil from its Strategic Petroleum Reserve, which may push crude costs down.
©2022 Bloomberg L.P.
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