Saudi, UAE oil ministers say OPEC+ output deal is flexible

SectorOil & Gas
CountrySaudi Arabia

OPEC+ grouping of oil exporting countries could tweak their existing deal on output cuts if there is a consensus among the member countries, Saudi Arabia's Energy Minister, Prince Abdulaziz bin Salman said on Monday as specuations are rife on how the group will set its production quota for next year.OPEC+, which groups OPEC members, Russia and other oil exporters, has been debating on whether to maintain the output cut of 7.7 million barrels per day (bpd) until 2021 instead of easing the curbs from next year.“I would go and argue that could be a tweak beyond what the so-called analysts are talking about. We are keeping the flexibility in our hands,” he said during the ADIPEC oil and gas virtual conference.According to S&P, the market appears to be largely expecting more...