Saudi Energy Minister: Not targeting prices, targeting less volatility

While speaking at the World Petroleum Congress in Canada, Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said that they are targeting less volatility in energy markets rather than prices, per Reuters.

Key takeaways

"Whole world should focus on energy security.",

"Main pillar for energy security is sustainable markets."

"OPEC conduct is benign, no different from central bank actions."

"International energy markets need light handed regulation."

"We want to be proactive, pre-emptive, precautious."

"Jury still out on Chinese demand, European growth, what central bankers will do."

"IEA has moved from market forecaster to political advocate."

"World could go from one type of energy crisis to another if supply chains for critical minerals aren't well planned."

Market reaction

Crude oil prices continue to edge higher following these comments and the barrel of West Texas Intermediate was last seen rising nearly 1% on the day at $92.00.