OPEC+ meeting displays support for existing production cuts

SourceSaudi Gazette
SectorOil & Gas
CountryGCC

RIYADH/VIENNA — The 24th Meeting of the Joint Ministerial Monitoring Committee (JMMC) took place via videoconference on Tuesday under the Chairmanship of Energy Minister Prince Abdulaziz Bin Salman and co-Chair Alexander Novak, deputy prime minister of the Russian Federation, with widespread support for a three-month extension of the current level of oil production cuts.Saudi Arabia, however, called on fellow OPEC+ members to be flexible in responding to oil market needs as it builds the case for a tighter oil production policy in 2021 to tackle weaker demand. OPEC+ groups the Organization of the Petroleum Exporting Countries, Russia and others."We as a group do not want to give the markets any excuse to react negatively," Prince Abdulaziz said at the start of the JMMC virtual meeting."The markets will not be kind to those who do not stick to agreements. This is why we must be prepared to act according to the requirements of the market. I recently said we must be ready to tweak the ...read more...