Crude futures are trading at a two-year high above $70 a barrel, bolstering the coffers of the Organization of Petroleum Exporting Countries and its allies, of which Saudi Arabia is a leading member.
The group is still withholding as much as 5.8 million barrels a day of production from the market. Prince Abdulaziz has previously said that he wants to see clear evidence of a strong demand recovery before restoring more of that idle capacity.
Wednesday’s comments indicate that he’s sticking to that position, even as crude prices continue to rally and a nuclear deal that could restore millions of barrels a day of Iranian oil exports looks more remote.
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Canadians Should Decide What to do With Their Money – Not Politicians and Bureaucrats