Saudi Arabia’s energy minister is keeping his options open while the recovery in oil prices splutters, setting up a potentially volatile period ahead.
Crude prices tumbled at the start of September after traders grew nervous that further potential lockdowns to slow the spread of coronavirus could fracture a fragile recovery in consumption.
But Prince Abdulaziz bin Salman is reluctant to commit to any new measures to bolster the oil market, telling reporters last week that “anyone who thinks they will get a word from me on what we will do next, is absolutely living in La La Land”.
His only two predictions were that the market would be “jumpy” in the months ahead, and that he would leave speculators “ouching like hell”.
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