Saudi energy minister: Oil production cut decision is precautionary

Saudi energy minister: Oil production cut decision is precautionary

RIYADH — Saudi Energy Minister Prince Abdulaziz bin Salman said that the decision to cut oil production is a precautionary one. “We will continue to hedge as long as we do not see clarity and stability in the market, and our mission is to give the oil market clear data for stability,” he said while speaking to Al-Arabiya Television after the end of the OPEC + meeting.

Prince Abdulaziz pointed out that independent agencies will work with OPEC + countries with regard to evaluating their production in 2024, saying: “Independent agencies will end the previous controversy over production data in OPEC +.”

Regarding Russia’s data, Prince Abdulaziz said, “we discussed with Russia the issue of its production and asked it to clarify its data, and we have strengthened the concept of transparency with Russia about its oil production figures.”

In a press conference following the meeting of the OPEC + coalition on Sunday, the minister said that the OPEC + agreement that was reached on Sunday is unprecedented, and that independent agencies will be assigned to verify the production capacity of each country.

He emphasized that the OPEC meeting was constructive and contributed to the stability of oil markets. “The recent measures reflect our