Saudi energy minister: OPEC + plays leading role in meeting global energy market challenges

Saudi energy minister: OPEC + plays leading role in meeting global energy market challenges

RIYADH — Saudi Energy Minister Prince Abdulaziz bin Salman said that OPEC + is playing a leading role in facing the challenges of global energy markets. He said the simultaneous decision to cut oil supply by the Kingdom and Russia shows the strength of cooperation between the two countries, he said while speaking at the 8th OPEC International seminar in Vienna on Wednesday. Prince Abdulaziz said OPEC+ would do whatever necessary to support the market. On Monday, Saudi Arabia said it would extend the 1-million-barrel-per-day production cut it had initially flagged for July into August, while Russia announced a 500,000 barrel-per-day decline in exports next month. The total production cuts currently amount to more than 5 million barrels per day, or the equivalent of 5 percent of the total global oil production. The minister said that Saudi Arabia is no longer playing the role of a heavyweight producer, but rather OPEC + plays this role. He emphasized that the Russian export cut was a voluntary decision and not imposed on them. “Russia’s oil cut is meaningful because it affects exports,” he said. Some are wondering about Saudi Arabia being forced to make a voluntary cut in production. “My answer is