Saudi calls on OPEC+ to be flexible as it weighs oil cut extension

SourceZawya
SectorOil & Gas
CountrySaudi Arabia

LONDON- Saudi Arabia called on fellow OPEC+ members on Tuesday 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 amid a new wave of the coronavirus pandemic.OPEC+, which groups the Organization of the Petroleum Exporting Countries, Russia and others, is considering delaying a plan to boost output by 2 million barrels per day (bpd), or 2% of global demand, in January to support the market."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 an 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 our agreement if need be," he said.The JMMC can recommend policy steps to OPEC+, which agreed record oil cuts earlier this year.An option gaining support among OPEC+ nations is to keep the existing output cuts of...read more...