Saudis Say Cautious Approach to Restoring OPEC+ Output Paid Off

“Many claim that I’m excessively cautious,” Prince Abdulaziz told the Robin Hood Investors Conference on Wednesday, according to people familiar with his comments. “Well, it is paying off.”

Crude futures are trading at a two-year high above $70 a barrel, bolstering the coffers of the Organization of Petroleum Exporting Countries and its allies, of which Saudi Arabia is a leading member.

The group is still withholding as much as 5.8 million barrels a day of production from the market. Prince Abdulaziz has previously said that he wants to see clear evidence of a strong demand recovery before restoring more of that idle capacity.

Wednesday’s comments indicate that he’s sticking to that position, even as crude prices continue to rally and a nuclear deal that could restore millions of barrels a day of Iranian oil exports looks more remote.