Riyadh: The Saudi minister has issued an important statement regarding OPEC Plus, an organization of oil exporting countries.
In this regard, Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman has said that the decisions of OPEC Plus are not political but based on the fundamental principles of the market.
He has made it clear that the alliance of oil-producing countries is flexible enough to adjust policy as needed, and OPEC Plus can change its decisions if needed.
Prince Abdulaziz was addressing a media forum in the capital Riyadh, highlighting OPEC Plus’ decision to cut production targets by 2 million barrels per day last October.
The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia agreed to cut daily oil production until the end of 2023 to stabilize the market.
Prince Abdulaziz reiterated in an interview published in the journal Energy Aspects last week that the decision would remain in place until the end of the year.