November 26, 2022

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Saudi oil minister says there is a risk of an oil price supercycle due to lack of investing

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Saudi Arabia’s energy minister Prince Abdulaziz bin Salman was speaking at the Robin Hood Investors Conference (i.e. an audience of hedge funds)

  • warned of a risk of a supercycle due to “lack of investing”

The background to his investment comment is that some oil producers and exploration firms  have scaled back drilling budgets to conserve cash and avoid a new supply glut. Also, hopes for green energy are playing a role in this. 

He added:

  • “I think it’s my job, and others’ jobs, to make sure this super-cycle doesn’t happen” 

Hmmm. He may not be too unhappy with higher oil prices but I guess the argument is higher prices will attract new supply (this is it usually how it works … looking at you US shale). 

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