Saudi Energy Minister Sets Record Straight On Oil Prices

The ongoing extra production cut by Saudi Arabia is intended to stabilize the oil market and prevent high volatility in times of uncertainty, not to "jack up" prices, Saudi Energy Minister Prince Abdulaziz bin Salman said this week in his first comments since the Kingdom extended the supply cuts until the end of the year. "It's not about . . . jacking up prices, it's about making the decisions that are right when we have the data," the minister told the World Petroleum Congress in Calgary, Canada, as carried…