Opec+ must stick to their agreements: Saudi Arabia

SourceGulf Today
SectorOil & Gas
CountrySaudi Arabia

The Opec headquarters building. DUBAI:  Opec+ oil producers must be prepared to respond to the market and should stick to their agreements, Saudi Arabia’s energy minister said on Tuesday. Opec+, which groups the Organization of the Petroleum Exporting Countries, Russia and others, is considering delaying its plans to increase oil output in January as demand for fuel has remained under pressure due to the coronavirus crisis. “We as a group do not want to give the markets any excuse to react negatively,” Saudi Energy Minister Prince Abdulaziz bin Salman said at the start of a virtual meeting of the Opec+ panel, the Joint Ministerial Monitoring Committee (JMMC). “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 terms of ...read more...