No need for OPEC+ meeting if no consensus on oil policy: Saudi Energy Minister
Saudi Arabia’s energy minister said on Tuesday he does not see a need to hold an OPEC+ meeting in May-June if there was no agreement on what measures should be taken to deal with the impact of the coronavirus on oil demand and prices.
“I fail to see the wisdom for holding meetings in May-June that would only demonstrate our failure in attending to what we should have done in a crisis like this and taking the necessary measures,” Prince Abdulaziz bin Salman told Reuters, responding to comments made by his Russian counterpart on Tuesday.
Prince Abdulaziz said every oil producer needs to maintain its market share, after Russian energy minister Alexander Novak earlier was quoted as saying that discounts offered by Saudi Aramco for its oil have led to panic in the market.
“In a free market every producer needs to demonstrate its competitiveness, preserve and increase its market share,” the Saudi minister added.
Saudi Aramco will hike April crude oil supply to 12.3 mln barrels per day: CEOSaudi Aramco will raise its crude supply, which includes oil to its customers inside the kingdom and abroad, to 12.3 million barrels per day (bpd) in ... Energy
Saudi stock exchange opens strong as Gulf markets rally amid oil price recoveryStock markets in the energy-rich Gulf states made a strong rebound in opening trade Tuesday, led by the Saudi bourse which jumped 5.6 percent, as oil ... Financial Markets
Oil prices rise 4 pct after biggest one-day fall since 1991 following price warOil prices rose by more than $1 on Tuesday after a price war by top producers Saudi Arabia and Russia sparked the biggest daily rout since the 1991 ... Energy