Prince Abdulaziz bin Salman, King Salman's son, is the Saudi energy minister
Reuters reports on comments from the minister rejecting claims made by Russia that Saudi Arabia withdrew from a deal to cut output last month:
"The Russian Minister of Energy was the first to declare to the media that all the participating countries are absolved of their commitments starting from the first of April, leading to the decision that the countries have taken to raise their production to offset the lower prices and compensate for their loss of returns"
I know this might be a hair-split but that quote does not actually refer to who withdrew from any deal first. Regardless, its a reminder of ongoing tension between the two big producers. After Friday's huge rally in WTI, adding to Thursday's, something to keep in mind come Monday opening. And stay tuned for further weekend developments, if any.
Friday oil news is here:
- Oil pares losses on talk of OPEC+ meeting being set for next Monday
- Russian producers ready for oil output cuts if US and Saudi also join in - report
- Russia will join OPEC+ meeting on April 6
- Russian President Vladimir Putin said global cuts of a little above or below 10 million barrels a day are possible
- WTI breaks $28 in the second day of big gains as the crude market embraces socialism
