New Saudi energy minister calls for OPEC 'cohesiveness':
Saudi Arabia’s new energy minister on Thursday reiterated calls for “cohesiveness” in OPEC ahead of a key meeting in Abu Dhabi.
“To achieve market stability, it’s imperative we maintain a high degree of cohesiveness within OPEC and within also our partners in OPEC,” said Prince Abdulaziz bin Salman, speaking at a meeting of the organization’s Joint Ministerial Monitoring Committee in Abu Dhabi, the capital of the United Arab Emirates.
Crude oil sold for over $100 a barrel in the summer of 2014 before bottoming out below $30 a barrel in January 2016. That fall largely came from a boom in U.S. shale oil and countries like Saudi Arabia keeping their production high to hold onto market share.
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