There’s a sense of ‘responsibility’ towards Iran: Saudi Energy Minister

The members of the OPEC+ group were discussing whether there is a need to deepen OPEC's current policy of cutting output to support the oil market. (File photo: AFP)

Saudi Arabia’s new energy minister Prince Abdulaziz bin Salman said that there is a “sense of responsibility” towards Iran on the topic of sanctions easing.

Prince Abdulaziz was speaking to CNBC during the 16th OPEC Joint Ministerial Monitoring Committee in Abu Dhabi on Thursday.

“We are ready to attend to any of these consequential issues that may require us,” added Prince Abdulaziz.

The members of the OPEC+ group were discussing whether there is a need to deepen OPEC's current policy of cutting output to support the oil market. OPEC and non-members had agreed in 2017 to begin reducing their output.

On the question as to whether he would consider further cuts to oil production, Prince Abdulaziz said, “We would look at the assessment if the issue of addressing them requires a certain measure… But in the group we have here, within the countries that have attended, I can tell you that I’m very comfortable that there is all the will there is to address these issues.”

In December members and non-members announced a supply reduction of 1.2 million barrels per day from January 1 this year, although the level of compliance has varied from country to country. Saudi Arabia has notably been significantly over complying with its oil cuts.
 

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Last Update: Wednesday, 20 May 2020 KSA 10:00 - GMT 07:00
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