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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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Report: EU to Vote on Oct 4 to Finalize Tariffs for China-made EVs

A Leapmotor electric vehicle is put though a rain test on the production line at the Leapmotor factory in Jinhua, China's eastern Zhejiang province on September 18, 2024. (Photo by ADEK BERRY / AFP)
A Leapmotor electric vehicle is put though a rain test on the production line at the Leapmotor factory in Jinhua, China's eastern Zhejiang province on September 18, 2024. (Photo by ADEK BERRY / AFP)
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Report: EU to Vote on Oct 4 to Finalize Tariffs for China-made EVs

A Leapmotor electric vehicle is put though a rain test on the production line at the Leapmotor factory in Jinhua, China's eastern Zhejiang province on September 18, 2024. (Photo by ADEK BERRY / AFP)
A Leapmotor electric vehicle is put though a rain test on the production line at the Leapmotor factory in Jinhua, China's eastern Zhejiang province on September 18, 2024. (Photo by ADEK BERRY / AFP)

The European Union is planning to vote on whether to introduce tariffs as high as 45% on imported electric vehicles made in China on Oct. 4, Bloomberg News reported on Saturday, citing people familiar with the matter.
Member states have received a draft of the regulation for the proposed measures, the report said, adding that the new date could still change.
According to the report, the vote among the bloc's member states was slightly delayed amid last-minute negotiations with Beijing to try to find a resolution that would avoid the new levies.
The European Commission did not immediately respond to a Reuters request for comment.
The European Commission is on the verge of proposing final tariffs of up to 35.3% on EVs built in China, on top of the EU's standard 10% car import duty.
The proposed final duties will be subject to a vote by the EU's 27 members. They will be implemented by the end of October unless a qualified majority of 15 EU members representing 65% of the EU population votes against the levies.