Oil rises as Saudi Arabia signals OPEC cuts to continue under new energy minister

TOKYO, Sept 9 (Reuters) - Oil rose on Monday after a Saudi
official said there would be no change in Saudi Arabia's OPEC
policy as Prince Abdulaziz bin Salman was made the new energy
minister for the world's biggest crude exporter over the
weekend.
Prices were heading for a fourth day of gains and were also
supported by comments from United Arab Emirates energy minister
saying OPEC and its allies are committed to balancing the crude
market.
Global benchmark Brent LCOc1 was up 7 cents at $61.61 a
barrel by 0106 GMT, while U.S. West Texas Intermediate was 20
cents, or 0.3%, higher at $56.72 a barrel.
"There is no shift in Saudi oil and OPEC policy. Prince
Abdulaziz will work on strengthening cooperation among OPEC and
non-OPEC," a Saudi official said on Sunday.
Saudi Arabia's king appointed his son, Prince Abdulaziz bin
Salman, as energy minister on Sunday, replacing Khalid al-Falih
and for the first time handing the portfolio to a member of the
royal family. Prince Abdulaziz has been a longstanding member of the Saudi
delegation to the Organization of the Petroleum Exporting
Countries (OPEC). He helped to negotiate the current agreement between OPEC
and non-OPEC countries including Russia, a group known as OPEC+,
to cut global crude supply to support prices and balance the
market.
UAE's Minister of Energy and Industry Suhail al-Mazrouei
said on Sunday that members of OPEC and non-OPEC producers are
"committed" to achieving oil market balance. Asked about possible deeper production cuts, the minister
told a news conference in Abu Dhabi that he was not concerned
about current oil prices, rather the level of oil inventories.
Trade and geopolitical tensions are affecting the market
more than demand and supply, Mazrouei said, but he was quick to
rule out hasty steps influenced by the trade war between the
United States and China.
"The fear of slower (oil) demand is only going to happen if
that tension is escalating and I am personally hopeful that is
not the case," Mazrouei told Reuters later on Sunday.