Saudi Energy Minister: OPEC+ Does Not Target Specific Price Range

Saudi Energy Minister: OPEC+ Does Not Target Specific Price Range

Saudi Energy Minister Prince Abdulaziz bin Salman stressed that OPEC+ did not target specific prices or price ranges, but rather sought to support market stability and balance supply and demand for the benefit of the petroleum industry.

Prince Abdulaziz, who chairs the ministerial committee in the OPEC+ alliance, told an interview with Energy Intelligence, on Wednesday, that the decision to cut 100,000 barrels of oil per day until next October was “an expression of our willingness to use all of the tools in our kit.”

“This simple tweak shows that we are attentive, pre-emptive and proactive in terms of supporting the stability of the market to the benefit of market participants and the industry,” he added.

The minister explained that the reduction was a measure to return to the production levels of August, noting that the increase of 100,000 barrels per day was planned for the month of September only.

“As the OPEC+ meeting clearly stated, this measure was a reversion to the production level of August. The addition of the 100,000 barrels in September was always intended as a measure for that month only,” he told Energy Intelligence.

Commenting on the signs of a looming global economic recession, the minister said: “We are seeing