Saudi Arabia 'will cut oil production in an attempt to send prices up across the globe' as US-China trade war stokes fear of worldwide recession | WHAT REALLY HAPPENED

Saudi Arabia 'will cut oil production in an attempt to send prices up across the globe' as US-China trade war stokes fear of worldwide recession

Saudi Arabia's new energy minister has said he favours cutting oil production in order to shore up prices amid a global over-supply, according to reports.

Prince Abdulaziz bin Salman, who was appointed by father King Salman Sunday, is said to have made the remark at the World Energy Congress in Abu Dhabi Monday.

Oil prices have been falling as America ramps up supply using fracking techniques, while fears of a global recession amid its trade war with China has caused a slump in demand.

Because both of these factors are outside of OPEC's direct control, analysts have voiced doubts over how effective cutting production would be in bottoming-out the market.

However, Prince Abdulaziz appeared to swing his support behind further output reductions at the summit.

'Cutting output will benefit all members of OPEC,' he reportedly said.

After attending the World Energy Congress, the prince will lead a meeting of the OPEC+ alliance's Joint Ministerial Monitoring Committee on Thursday.

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