OPEC+ has a role in containing inflation, says Saudi oil minister

The minister also warned that the increase in oil prices was not clear and could be due to “real supply and demand” or due to “expectations and trajectories that are excessively optimistic”

  
Saudi Arabia's Minister of Energy Prince Abdulaziz bin Salman Al-Saud speaks during a virtual emergency meeting of energy ministers from the group of 20 major economies on oil supply cuts to stabilise global markets hit by the coronavirus disease (COVID-19), in Riyadh, Saudi Arabia April 10, 2020. Saudi Energy Ministry/Handout via REUTERS

Saudi Arabia's Minister of Energy Prince Abdulaziz bin Salman Al-Saud speaks during a virtual emergency meeting of energy ministers from the group of 20 major economies on oil supply cuts to stabilise global markets hit by the coronavirus disease (COVID-19), in Riyadh, Saudi Arabia April 10, 2020. Saudi Energy Ministry/Handout via REUTERS

REUTERS
 
RIYADH: Saudi Arabia’s Energy Minister, Prince Abdul Aziz bin Salman said the OPEC+ alliance will play a role in “taming and containing” inflationary pressures, just hours after Brent crude surged back above $75 a barrel, Bloomberg reported.


“We also have a role in taming and containing inflation, by making sure that this market doesn’t get out of hand,” he said Wednesday at a conference organized by Bank of America Corp., according to a recording of his remarks obtained by Bloomberg News.

The minister also warned that the increase in oil prices was not clear and could be due to “real supply and demand” or due to “expectations and trajectories that are excessively optimistic,” he said.

He said the group should remain cautious because the oil market wasn’t out of the “doldrums” created by the coronavirus pandemic. He also warned traders against conflating caution with inaction, Bloomberg said.

“We have to be cautious. But caution doesn’t mean we don’t have to do something,” he told the conference. “It means we have to ensure that we don’t make

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