Saudi Arabia remains confident that the OPEC+ agreement to increase output over the next three months was the right move, said its energy minister.
“It’s still a good decision," Prince Abdulaziz bin Salman said in an interview in Riyadh on Thursday. “I don’t see anything yet that disturbs us, me or my colleagues at OPEC+."
The minister spoke one week after the Organization of Petroleum Exporting Countries and its allies agreed to add more than 2 million barrels a day of crude to the market from May to July, anticipating a recovery in fuel demand. Since then, Brent crude has remained above $60 a barrel despite setbacks to the world’s emergence from the Covid-19 pandemic, including a vaccine shortage in India.
OPEC+ acted “in an extremely careful way when it made the decision to increase output, Prince Abdulaziz said. The group will continue to meet every month to assess the market, meaning it can quickly adjust its plans if things change.
“If things go south, we can always easily reverse, the minister said. The deal includes a mechanism that would allow production to “increase, freeze or decrease depending on what happens," he said.
Saudi Arabia increases Arab light crude oil price to Asia by $0.4/barrel in MaySaudi Arabia increased the price of its Arab light crude for the Asian market by $0.4/barrel in May, compared to April, and lowered those for the US ... Energy
Saudi Arabia seeks to support to extend oil cuts by OPEC+ into June, says sourceSaudi Arabia is prepared to support extending oil cuts by OPEC and its allies into June and is also ready to prolong its own voluntary cuts to boost ... Energy
US Energy Secretary makes phone call to Saudi Arabia ahead of OPEC+ meetThe United States said in call with Saudi Arabia that energy should be kept affordable for consumers, as the administration of President Joe Biden ... Energy
International Energy Forum welcomes Saudi Arabia’s Green InitiativeThe International Energy Forum (IEF) welcomed on Monday Saudi Arabia’s Green Initiative to confront climate change with a series of measures including ... Gulf