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Oil

Saudi Arabia calls for restraint at OPEC+ meet as market recovery far from complete

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OPEC+ oil producers have taken a cautious stance but the market’s recovery is far from complete, Saudi Arabia’s energy minister said on Thursday.

“Last month we called for a cautious and restrained approach and fortunately we were proved right by subsequent events,” Prince Abdulaziz bin Salman said as he opened an OPEC+ meeting.

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“The market now realizes that the OPEC+ cautious position was the correct course of action... The reality that remains (is the) global picture is far from even and the recovery is far from complete.”

Read more: US Energy Secretary makes phone call to Saudi Arabia ahead of OPEC+ meet