Saudi Arabia’s Energy Minister pays tribute to Russian counterpart in OPEC+ remarks

Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman paid tribute in his opening remarks at an OPEC+ meeting on Wednesday to his Russian counterpart Alexander Novak who had recently tested positive for the coronavirus.

“Any reasonable person would elect to be home and conduct his medical treatment as someone who is a victim of this virus. However, my friend and colleague Alexander Novak, he wanted to demonstrate his country's commitment, obligation, seriousness, and attentiveness to its responsibility as a country, as a co-chair. And that's why he is with us today,” Prince Abdulaziz said.

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Novak joined Wednesday's virtual Organization of Petroleum Exporting Countries (OPEC) Joint Ministerial Monitoring Committee (JMMC) meeting via video link alongside other representatives.

Global oil demand should recover to pre-pandemic levels as soon as the fourth quarter of 2020, the Saudi Energy Minister said on Wednesday while urging OPEC members and allies to boost compliance with oil output cuts aimed at supporting prices.

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A draft OPEC+ statement, seen by Reuters, said a second prolonged wave of the pandemic was a major risk for the oil market recovery.

OPEC+ sources have said the group was unlikely to change on Wednesday its output policy, which currently calls for reducing output by 7.7 million barrels per day (bpd) versus a record-high 9.7 million bpd up until this month.

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(With Reuters)