免费足球推介:Saudi prince says oil’s disconnect may force Opec+ action

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LONDON: Saudi Arabian Energy Minister prince Abdulaziz bin Salman says “extreme” volatility and lack of liquidity mean the futures market is increasingly disconnected from fundamentals and Opec+ may be forced to cut production.

“The paper and physical markets have become increasingly more disconnected,” he said in response to written questions from Bloomberg News.

Prince Abdulaziz represents the largest oil producer in Opec+ and is arguably the most important player in the 23-nation alliance.

He said futures prices don’t reflect the underlying fundamentals of supply and demand, which may require the group to tighten production when it meets next month to consider output targets.

“Witnessing this recent harmful volatility disturb the basic functions of the market and undermine the stability of oil markets will only strengthen our resolve,” he said.

Benchmark crude oil futures have fallen more than 20% since early June on concern about the outlook for the global economy and the possibility of more Iranian oil coming onto the market.

Brent futures pared losses after the prince’s comments to trade near US$96 (RM431) a barrel, having earlier sunk to almost US$92 (RM413).

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