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Saudi Arabia Stresses Importance of Cooperation with OPEC+

Saudi Minister of Foreign Affairs Prince Faisal bin Farhan bin Abdullah. SPA
Saudi Minister of Foreign Affairs Prince Faisal bin Farhan bin Abdullah. SPA
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Saudi Arabia Stresses Importance of Cooperation with OPEC+

Saudi Minister of Foreign Affairs Prince Faisal bin Farhan bin Abdullah. SPA
Saudi Minister of Foreign Affairs Prince Faisal bin Farhan bin Abdullah. SPA

Saudi Arabia stressed the importance of collective cooperation with OPEC+ for the stability of global oil markets, the Kingdom's Foreign Minister said on Saturday in his speech to the United Nations General Assembly.

"The Kingdom is keen on maintaining the stability, reliability, sustainability and security of global oil markets, and meet the needs of consumers to ensure a healthy global economy that benefits producers and consumers,” said Saudi Minister of Foreign Affairs Prince Faisal bin Farhan.

He added that "Saudi Arabia always underscores the importance of collective cooperation with OPEC+'' to stabilize the global oil markets and enhance their reliability, sustainability and security.

The OPEC+ policy of closely monitoring the markets and adopting a precautionary approach has contributed, he said, to the stability and balance of the oil markets, as was evident in the stability witnessed by the oil markets in 2022, compared to other energy markets, such as natural gas and coal markets.

 

 

 

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Oil Edges Up on Strong US GDP Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
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Oil Edges Up on Strong US GDP Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo

Oil prices were up slightly on Friday on stronger-than-expected US economic data that raised investor expectations for increasing crude oil demand from the world's largest energy consumer.

But concerns about soft economic conditions in Asia's biggest economies, China and Japan, capped gains.

Brent crude futures for September rose 7 cents to $82.44 a barrel by 0014 GMT. US West Texas Intermediate crude for September increased 4 cents to $78.32 per barrel, Reuters reported.

In the second quarter, the US economy grew at a faster-than-expected annualised rate of 2.8% as consumers spent more and businesses increased investments, Commerce Department data showed. Economists polled by Reuters had predicted US gross domestic product would grow by 2.0% over the period.

At the same time, inflation pressures eased, which kept intact expectations that the Federal Reserve would move forward with a September interest rate cut. Lower interest rates tend to boost economic activity, which can spur oil demand.

Still, continued signs of trouble in parts of Asia limited oil price gains.

Core consumer prices in Japan's capital were up 2.2% in July from a year earlier, data showed on Friday, raising market expectations of an interest rate hike in the near term.

But an index that strips away energy costs, seen as a better gauge of underlying price trends, rose at the slowest annual pace in nearly two years, suggesting that price hikes are moderating due to soft consumption.

China, the world's biggest crude importer, surprised markets for a second time this week by conducting an unscheduled lending operation on Thursday at steeply lower rates, suggesting authorities are trying to provide heavier monetary stimulus to prop up the economy.