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Recession fears dismissed by new Saudi energy minister

Published: Updated:

“Where is it?” said Prince Abdulaziz bin Salman, Saudi Arabia’s new minister of energy, when asked about the possibility of a global recession due to the ongoing US-China trade war.

“Do you really believe that the US, China, and other countries involved in this issue would not have the wisdom and sensibilities to try to overcome these issues,” he added.

Prince Abdulaziz was speaking to members of the press at the sidelines of the World Energy Congress in Abu Dhabi.

On the topic of demand in the oil market he said, “It’s not about demand rising or not rising. I think the market now is driven by negative sentiments emanating from negative views.”

An oil industry veteran, Prince Abdulaziz replaced outgoing minister of energy Khalid al-Falih on Sunday. He is the first member of the Saudi royal family to head the Ministry of Energy.