Saturday, October 28, 2023

Saudi Energy Minister Says OPEC is Proactively Preemptive – CNBC

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Saudi Energy Minister Prince Abdulaziz bin Salman has defended the decisions made by the oil producers’ alliance, OPEC+, stating that it is “the most effective international organisation” working to restore market stability. The voluntary oil output cuts announced by OPEC+ were precautionary measures, according to the energy minister, who added that the cuts were a typical rhythm of being proactive and preemptive. The voluntary cut is on top of a broader deal by OPEC+ to limit supply into 2024 as the group seeks to boost flagging oil prices. The Kingdom has kept the option open for an extension to the voluntary cuts depending on “how things really work.”

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