(IP)- The Saudi minister announced his country's decision to cut oil supply to stabilize the market.

Iran PressWest Asia: Regarding the country's decision on oil cut, the Minister of Energy of Saudi Arabia Abdulaziz bin Salman Al Saud says the goal is to prevent any negative price in the market. 

"Stable oil market," is the goal of the so-called oil cut, according to Bin Salman.

Saudi minister stated his country's decision on the sidelines of the World Petroleum Congress held in Canada, saying it seeks to prevent any negative disturbances and fluctuations in the global energy market. 

"International energy markets need light-handed regulation to limit volatility," added the Saudi minister on Monday.

Speaking at the World Petroleum Congress in Calgary, Alta., Abdulaziz said there was ongoing uncertainty about Chinese demand, European growth, and central bank action to tackle inflation.

Saudi Arabia and Russia extended voluntary supply cuts of a combined 1.3 million barrels of oil per day to year-end on Sept. 5.

Oil prices have rallied in recent months amid supply cuts, raising concerns in major consumer countries such as the United States.

Benchmark Brent oil futures rose close to $95 US a barrel on Monday, with some analysts saying $100 US is possible later this year.

The cuts will mean a substantial market deficit through the fourth quarter, the International Energy Agency (IEA) said on Wednesday. 

Abdulaziz noted that supply and demand forecasts are not always reliable.

Amin Nasser, CEO of Saudi Aramco, said at the World Petroleum Congress that the demand for oil is expected to reach 110 million barrels per day by 2030. 

He also emphasized the importance of continued investment in oil and gas to ensure global energy security and move towards cleaner energy sources with affordable prices. 

Abdulaziz said Saudi Arabia also wants to produce and trade clean hydrogen and electricity but needs partnerships with other countries, buyers, and investors. 


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