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Saudi Energy Minister Says Markets Need Light-Handed Regulation

Saudi Energy Minister, Prince Abdulaziz bin Salman. (SPA)
Saudi Energy Minister, Prince Abdulaziz bin Salman. (SPA)
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Saudi Energy Minister Says Markets Need Light-Handed Regulation

Saudi Energy Minister, Prince Abdulaziz bin Salman. (SPA)
Saudi Energy Minister, Prince Abdulaziz bin Salman. (SPA)

Saudi Energy Minister, Prince Abdulaziz bin Salman on Monday said on Monday international energy markets need light-handed regulation to limit volatility.

Speaking at the World Petroleum Congress in Calgary, Prince Abdulaziz said there was ongoing uncertainty about European growth and central bank action to tackle inflation.

He noted that supply and demand forecasts are not always reliable.

"It's always better to go by my motto, which is, 'I believe it when I see it.' When reality comes around as it's been forecast, Hallelujah, we can produce more."

Saudi Arabia and Russia on Sept. 5 extended voluntary supply cuts of a combined 1.3 million barrels of oil per day to year end. OPEC, Russia and allied producers are known as OPEC+.

The congress is a five-day gathering of officials from oil-producing companies and countries in Calgary, Alberta, Canada's oil capital.

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Moscow Poses No Threat to Britain, Says Russia's UK Embassy

A view shows the Kremlin Wall and the State Historical Museum in central Moscow, Russia August 21, 2024. (Reuters)
A view shows the Kremlin Wall and the State Historical Museum in central Moscow, Russia August 21, 2024. (Reuters)
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Moscow Poses No Threat to Britain, Says Russia's UK Embassy

A view shows the Kremlin Wall and the State Historical Museum in central Moscow, Russia August 21, 2024. (Reuters)
A view shows the Kremlin Wall and the State Historical Museum in central Moscow, Russia August 21, 2024. (Reuters)

Russia's embassy in London said on Tuesday that Moscow had no intention of attacking Britain, rejecting accusations by the British government of growing aggression and daily cyberattacks.

Britain said on Monday it would radically change its approach to defense to address new threats, including from Russia, after endorsing the findings of an independently-produced Strategic Defense Review.

After unveiling the defense overhaul on Monday, Healey said Europe was facing war, growing Russian aggression, new nuclear risks and daily cyberattacks, Reuters reported.

Russia's embassy issued a statement on Tuesday criticizing what it described as "a fresh salvo of anti-Russian rhetoric".

"Russia poses no threat to the United Kingdom and its people," the statement said. "We harbor no aggressive intentions and have no plans to attack Britain. We are not interested in doing so, nor do we need to."

Relations between Russia and Britain are at their lowest level since the Cold War. They deteriorated further after Russia's full-scale invasion of Ukraine in February 2022, and Britain and other NATO members have provided large amounts of military aid and other support to Kyiv.

China's embassy in London also criticised Britain's defense review, saying in a statement on Tuesday that the document deliberately misrepresented Beijing's defense policy to justify British military expansion.

The review had described China as "a sophisticated and persistent challenge", citing its rapid military modernisation, including an expanded nuclear arsenal, and saying Beijing was likely using espionage and cyberattacks, and stealing intellectual property.