Saudi energy minister: Oil producers must remain extremely cautious

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Saudi Arabian Energy Minister Prince Abdulaziz bin Salman said on Wednesday that it was too early to declare victory against the COVID-19 virus and that oil producers must remain “extremely cautious.”

“We are in a much better place than we were a year ago, but I must warn, once again, against complacency. The uncertainty is very high, and we have to be extremely cautious,” he told an energy industry event.

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“Those who are trying to predict the next move of OPEC+, to those I say, don’t try to predict the unpredictable.”

Saudi Arabia’s crude oil exports rose for a sixth straight month to an eight-month peak in December 2020, official data showed on Wednesday.

Exports rose to 6.495 million barrels per day (bpd), the highest since April 2020, from November’s 6.35 million bpd.

The world’s largest oil exporter’s total crude and oil products exports rose month-on-month to 7.71 million barrels per day, the Joint Organisations Data Initiative (JODI) said on its website.

Saudi domestic crude refinery throughput fell by 0.4% to 2.33 million bpd, while direct crude burn dropped by 53,000 bpd to 267,000 bpd.

The country’s crude output was little changed at 8.98 million bpd.

Saudi Arabia, plus other members of the Organization of the Petroleum Exporting Countries and its allies, have been curbing output to support oil prices since January 2017.

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