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Saudi Arabia’s energy minister says oil cuts not about ‘jacking up prices’

Prince Abdulaziz bin Salman defends lower output as crude nears $95 a barrel

Saudi Arabia’s energy minister has defended the kingdom’s decision to extend oil production cuts, insisting the move was not about “jacking up prices” even as crude futures push towards $100 a barrel. 

Riyadh and Moscow earlier this month announced they would prolong cuts to production and exports to the end of the year. Brent crude, the international oil benchmark, has since increased more than 5 per cent and on Monday rose another 1 per cent to almost $95 a barrel, a new 2023 high. 

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