OPEC+ does not target prices, Saudi energy minister says

OPEC+ does not target prices, Saudi energy minister says

JEDDAH — Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman emphasized that OPEC+ does not target prices or prices ranges. He said “Its (OPEC+) aim is to support market stability and supply and demand balance for the benefit of market.”

Prince Abdulaziz explained the recent OPEC decision and the affect of it on the market in an interview with Energy Intelligence published on Wednesday.

On Monday, OPEC and allies in OPEC+ agreed to revert to the production level of August 2022 for October 2022, noting that the upward adjustment of 0.1 mb/d to the production level was only intended for September 2022.

Also, OPEC+ members have trusted their chairman, Prince Abdulaziz bin Salman, to consider calling for an OPEC and non-OPEC Ministerial Meeting anytime to address market developments if necessary.

Prince Abdulaziz described the recent OPEC decision as “an expression of our willingness to use all of the tools in our kit. This simple tweak shows that we are attentive, pre-emptive and proactive in terms of supporting the stability of the market to the benefit of market participants and the industry.”

About the cut of 100,000 barrels per day, He said “this measure was a reversion to the production level of August. The addition of