Saudi Arabia remains convinced that it is The OPEC + agreement to increase production over the next three months was the right move, his energy minister said.
“It is still a good decision,” Prince Abdulaziz bin Salman said in an interview in Riyadh on Thursday. “I still don’t see anything that would upset us, me or my colleagues from OPEC +.”
The minister spoke a week after the Organization of the Petroleum Exporting Countries and its allies agreed to add more than 2 million barrels of crude oil a day to the market from May to July, envisioning a recovery in fuel demand. Since then, Brent oil has remained above $ 60 a barrel despite global stagnation emerging from the Covid-19 pandemic, including Vaccine shortage in India.
OPEC + acted “extremely carefully” when it made the decision to increase production, Prince Abdulaziz said. The group will continue to meet every month to assess the market, which means it can quickly adjust its plans if things change.
“If things go south, we can always turn around easily,” the minister said. The deal includes a mechanism that will allow production to “increase, freeze or decrease,” depending on what happens, he said.