Saudi Arabian Energy Ministry says OPEC+ will remain cautious on oil production
OPEC+ will maintain a cautious approach to adjusting oil production parameters – as stated by Saudi Arabia’s Energy Minister, Prince Abdulaziz bin Salman, RIA Novosti reports
Abdulaziz bin Salman drew attention to the fact that the countries of the alliance are looking at the state of the global economy and seeing plenty of ‘uncertainties’.
“Our theme is being cautious. It’s about being responsible and not losing sight of what the market requires,” he said in a Bloomberg TV interview.
Moreover, the Saudi Arabian Energy Minister cited last month’s report from the International Monetary Fund (IMF) that said the ‘worst is yet to come’ for many economies.
“It’s about recession. I also see what central banks are saying and doing,” he explained.
Moreover, Abdulaziz bin Salman commented on the indulgences that the People’s Republic of China introduced earlier regarding COVID restrictions in the country, including the reduction of mandatory quarantine days for visitors. Relevant information supported the rise in oil prices, according to Bloomberg.
“This issue has not yet been unambiguously assessed. The Chinese authorities are saying they are going to continue to be strict and diligent and follow the same regimentation that they have [regarding the issue of coronavirus],” the Minister concluded.
