Oil prices rose on Monday after Saudi Arabia, the world's largest exporter ...
LONDON - Oil prices rose on Monday after Saudi Arabia, the world’s largest exporter of crude, named oil veteran Prince Abdulaziz bin Salman as its new energy minister, a move seen strengthening an output-cutting deal between OPEC and other producers.Prince Abdulaziz, son of Saudi King Salman and a long-time member of the Saudi delegation to the Organization of the Petroleum Exporting Countries, replaced Khalid al-Falih on Sunday.
Speaking on Monday, Prince Abdulaziz said the pillars of Saudi policy would not change and that the OPEC+ deal would survive. OPEC oil output rose in August, gaining for the first month this year as higher supply from Iraq and Nigeria outweighed restraint by Saudi Arabia and losses caused by U.S. sanctions on Iran, a Reuters survey found.
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