Goldman Sachs cuts 2019 oil demand growth forecast to 1 million bpd

Energy policy to be seamless with Prince Abdulaziz appointment

Saudi Arabia's new energy minister said his country wants to pursue a "full cycle" nuclear program, which would entail the kingdom processing and enriching its own uranium. -China trade dispute was escalating, increasing fears of a recession and slower demand growth.

The market also expects that he will do more than his predecessor Khalid al-Falih to try to raise oil prices ahead of the Saudi IPO, Mr.al-Falih's major failing was to not get oil to the price Prince Bin-Salman and his father the King wanted.

Experts tracking the development said that failure to conclude the Aramco IPO could have been one of the reasons why Khalid al-Falih was removed as the Energy Minister, a position he held since 2016. -China trade war and increasing USA supplies.

Prince Abdulaziz said Saudi Arabia's main policy would not change and it will maintain the global deal to cut oil production by 1.2 million barrels per day.

Despite MbS's attempts to diversify the economy away from oil, the crude price remains the single most important influence on the health of the Saudi economy.

But booming USA shale oil production continues to chip away at efforts to limit the global supply overhang, weighing on prices.

"Although the outlook remains bleak, oil prices have remained anchored this week after a rapid response from Saudi Arabia, who is serious about stepping in to defend the oil price", Stephen Innes, managing partner at VM Markets Pte Ltd said in a note.

Five analysts polled by Reuters estimated, on average, that crude inventories fell 2.6 million barrels in the week to September 6. The most recent previous high was reached July 31. Markets reacted positively to this announcement on hopes that production cuts could be extended, particularly following comments from the Prince that the OPEC+ alliance will be in place for the long term.

In this view, higher oil prices would translate into a higher valuation for the company, which the country's de facto ruler, Crown Prince Mohammed bin Salman, has said is worth $2 trillion.

Opec oil output rose in August for the first month this year as higher supply from Iraq and Nigeria outweighed restraint by Saudi Arabia and losses caused by United States sanctions on Iran, a survey found.

The prince's unparalleled diplomatic network may help soothe relationships frayed by Al-Falih, who often seemed impatient with OPEC members unable or unwilling to contribute meaningful oil production cuts.

Some commentators have suggested that Saudi Arabia wants a higher oil price, at least temporarily, to create more favourable conditions for the sale of shares in the national oil producer Saudi Aramco.

In the United States, drilling companies cut the number of operating oil rigs for a third week.

But the issue of uranium enrichment has been a sticking point with Washington, especially after Crown Prince Mohammed bin Salman said in 2018 that the Sunni Muslim kingdom would develop nuclear arms if regional rival Shi'ite Muslim Iran did.

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