Oil markets want to see the ‘strength’ of Saudi Arabia’s commitment to OPEC deal, Helima Croft says


Oil markets want to see the ‘strength’ of Saudi Arabia’s commitment to OPEC deal, Helima Croft says

All eyes will now be on Saudi Arabia’s new energy minister to see if the country will stay the course on stabilizing global crude markets, oil market expert Helima Croft said Monday. This follows news that Saudi Arabia’s King Salman has replaced Energy Minister Khalid al Falih with one of his sons, Prince Abdulaziz bin Salman.

Croft, the managing director and global head of commodity strategy RBC Capital Markets, told CNBC that the appointment was “incredibly significant” for the oil market.

“A lot of people in this market who have covered energy for years know Prince Abdulaziz very well. He is the ultimate technocrat, he has spent more than three decades in the (energy) ministry, working on energy issues,” Croft said.

Prince Abdulaziz is a long-standing member of the Saudi delegation to OPEC, a group of oil producing nations ostensibly led by Saudi Arabia. Read More

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