Saudi Arabia energy minister unconcerned about rising oil prices

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Saudi Arabia energy minister unconcerned about rising oil prices

Saudi Arabia's energy minister said he was unconcerned about the rising of oil by more than 10% this year, even as traders increasingly raise the prospect of prices reaching $100 a barrel.

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The price of crude rose 11% since December to over $86 a barrel, amid signs that consumption will hold up despite the spread of the omicron variant of the coronaviruses. Spare capacity is dwindling as some of the world's biggest producers struggle to boost output.

Vitol, the world's biggest independent oil trader, predicts that prices will rise further as supplies tighten.

Oman said last week that the group led by Saudi Arabia and Russia would try to prevent the oil market overheating and didn't want prices to reach $100 a barrel.

Prince Abdulaziz also said he wasn't worried about the U.S. releasing more oil from its Strategic Petroleum Reserve, which could push crude prices down.

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