Sep 20 (Lagos) - Energy Minister of Saudi Arabia has hinted that there may be a change in the kingdom's crude oil production Policy as some countries were not implementing their production cuts fully.
His comments were seen as a condemnation of members pumping too much supply of crude oil. That could have been targeted towards UAE or Iraq where the cuts have not been fully implemented.
He warned short sellers to not bet against crude oil. "we will never leave this market unattended".
Brent crude oil prices closed at $43.15 on Friday. Nigeria's bonny light crude closed at $42.60 per barrel on Thursday.
Crude oil is losing long term attractiveness with the electric vehicle revolution currently unfolding in USA, Germany and China. Almost every auto manufacturer is investing in electric vehicles in a bid to catch up to Tesla.
reporting for easykobo.com on Sunday, Sep 20 2020 from Lagos, Nigeria