Saudi Show of Strength
After missing the previous congress in Houston in 2021 as Covid scrambled countless travel plans, the Saudis were back this year, and in a big way. Energy Minister Prince Abdulaziz bin Salman was the star of the opening session on Monday. He said OPEC is targeting market stability and not higher prices, and sounded a note of caution on Chinese demand. Crude futures duly slipped back on his comments, but that only underlined the strength of Saudi influence on the oil market right now. Saudi Aramco boss Amin Nasser followed with a withering assessment of the idea of peak oil consumption.
The country’s sizable delegation was unmissable in the exhibition halls. Monday ended with a lavish roundtable dinner hosted by the Saudis and with guests including Alberta Premier Danielle Smith, investors, analysts, and officials from BP Plc and other companies.
After missing the previous congress in Houston in 2021 as Covid scrambled countless travel plans, the Saudis were back this year, and in a big way. Energy Minister Prince Abdulaziz bin Salman was the star of the opening session on Monday. He said OPEC is targeting market stability and not higher prices, and sounded a note of caution on Chinese demand. Crude futures duly slipped back on his comments, but that only underlined the strength of Saudi influence on the oil market right now. Saudi Aramco boss Amin Nasser followed with a withering assessment of the idea of peak oil consumption.
The country’s sizable delegation was unmissable in the exhibition halls. Monday ended with a lavish roundtable dinner hosted by the Saudis and with guests including Alberta Premier Danielle Smith, investors, analysts, and officials from BP Plc and other companies.
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