Saudi Arabia cautious on oil output, warns sanctions on Russia will cause energy shortages

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Saudi energy minister Prince Abdulaziz bin Salman said Feb. 4 the kingdom was waiting for clearer signs of rising oil demand before committing to hike crude production with its OPEC+ counterparts, while also warning that western sanctions on Russia would lead to supply shortages. China’s reopening and encouraging economic data from some major consuming countries in recent weeks has prompted…