Saudi Arabia seeks to enrich uranium for nuclear power, minister says
- Author: Darren Santiago Sep 11, 2019,
Sep 11, 2019, 0:42
Prices on Monday were also supported by a rise in oil imports in China in August, with shipments to the world's biggest importer up 3% from July and almost 10% higher in the first eight months of 2019 from a year earlier.
"Prince Abdulaziz is very experienced and has served in the energy industry for decades", Giovanni Staunovo, an analyst at UBS Group AG in Zurich, told Bloomberg News.
Australian household budgets are set for another hit after Saudi Arabia's new energy minister confirmed he would limit the kingdom's oil production amid uncertainty in the global energy markets.
Offering a glimpse into how he's approaching the job of energy minister, Prince Abdulaziz described himself as a "kitchen or basement man".
"We have already seen the impact of what I call a "Crisis of Perception" on long-term investment, and if it continues supply shortfalls will follow as night follows day", Nasser said.
The flotation, which could be the world's biggest IPO, is key to raise money for Crown Prince Muhammad Bin Salman's plans to diversify the Saudi economy away from oil revenues and has rapidly regained momentum in recent days.
Rising costs of crude typically result in higher prices at the pump, with the effect usually felt by consumers six weeks after the initial oil hike.
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Since Crown Prince Muhammad first proposed a stock market listing in 2016, climate change and new green technologies are putting some investors, particularly in Europe and the United States, off the oil and gas sector.
He said political effects and concerns about global trade tensions rather than levels of supply and demand were affecting the market.
Prince Abdulaziz also made a brief mention of his much younger brother, referring to him as "Prince Mohammed" when thanking King Salman, the crown prince and his predecessor al-Falih for allowing him to pursue work he enjoyed in his previous role as state minister.
Bin Salman, who was appointed on Sunday, told an energy conference in Abu Dhabi that ultimately the kingdom wanted to go ahead with the full cycle of the nuclear programme, including the production and enrichment of uranium for fuel.
Oil extended its advance as USA stockpiles were estimated to have dropped and OPEC+ members gathered in the United Arab Emirates ahead of meetings this week.
"I think the best thing we have done in Saudi Arabia was to ensure the commerciality of the company and so-called arm's length relationship.as a company owned by the state and enabling the company to work as nothing more than any global company", he said at the World Energy Congress in Abu Dhabi.
Crude is still down more than 10% from its peak in April as a prolonged U.S.