Saudi Arabia’s Energy Minister said OPEC + must be together for long-term stability of the oil market.
Prince Abdul Aziz bin Salman of Saudi Arabia said at an energy conference in Riyadh on Sunday, “We need to maintain this consensus-building approach permanently. Without it, our collective ambitions. Because I lose sight of it. ” “Ask today’s oil and gas producers. If it weren’t for Opec +, would they be today’s chairman and CEO? And the answer: they would have disappeared.”
OPEC and its allies have so far adhered to plans to gradually roll back production cuts by adding 400,000 barrels each month until September 2022. The world recovers from a pandemic.
At the same meeting on Sunday, energy ministers from the United Arab Emirates, Kuwait and Iraq said the group needs to stick to the current agreement to balance the market and avoid surpluses.
“For the benefit of the energy market as a whole, OPEC + will maintain the current agreement, and dramatic changes can cause imbalances,” said Iraqi oil minister Isan Abdul Jabber. The group needs to maintain its current production agreement in order to maintain its balance. Avoid surplus.
The group has consistently decided to curb pressure, pump significantly more oil, and instead stick to a cautious monthly increase.
Suhailal-Mazrouei, Minister of Energy of the United Arab Emirates, said: “I think our plan is working and I don’t think there is a significant shortage of market supply.”
http://www.gulf-times.com/story/710349/Saudi-oil-minister-urges-Opec-to-keep-building-con Saudi Arabia’s Minister of Petroleum urges Opec + to continue building consensus