Saudi energy minister calls for caution as OPEC+ decides to gradually raise oil output

Saudi energy minister calls for caution as OPEC+ decides to gradually raise oil output

RIYADH — Saudi Arabia's Minister of Energy Prince Abdulaziz Bin Salman called for caution as he opened an OPEC meeting on Thursday.He warned all oil producers that crude's recovery was “far from complete” with the pandemic still wreaking havoc globally.“Until the evidence of the recovery is undeniable, we should maintain this cautious stance,” Prince Abdulaziz said.He referred to the last OPEC+ meeting in which it was decided to continue with production cuts in order to bring stability back to the oil market.“Last month we called for a cautious and restrained approach and fortunately we were proved right by subsequent events,” the Saudi minister said.“The market now realizes that the OPEC+ cautious position was the correct course of action... The reality that remains (is the) global picture is far from even and the recovery is far from complete.”However, Russia's Deputy Prime Minister Alexander Novak called for easing the curbs on the production, saying the market has improved substantially as vaccines to combat coronavirus are rolled out and Opec+ has to ensure the market