OPEC+ deal will continue until end of year – Saudi energy minister

OPEC+ deal will continue until end of year – Saudi energy minister

DUBAI - Saudi Energy Minister Prince Abdulaziz bin Salman said the current OPEC+ deal on oil output would be locked in until the end of the year, adding he remained cautious on Chinese demand forecasts.

In an interview published by Energy Aspects, the minister said the oil group can't increase output based solely on initial signals.

OPEC+, comprising the Organization of the Petroleum Exporting Countries and allies such as Russia, agreed in October to cut oil production targets by 2 million barrels per day (bpd) until the end of 2023.

"The agreement that we struck in October is here to stay for the rest of the year. Period," he said.

OPEC raised its 2023 global oil demand growth forecast this week on the back of China relaxing COVID restrictions, but Prince Abdulaziz said that more assurances were needed.

"No matter what trends you are looking at, if you follow the cautious approach not only would you see the beginning of a positive trend to emerge but you need to make sure that these positive signals of this market can be sustained," he said.

"The Chinese economy's unlocking and because of that you will have demand and what have you, but we all went through cycles of