May 23, 2022
1 min read

Saudi hopes to ‘work out a deal with OPEC+ which includes Russia’

The Kingdom of Saudi Arabia is “hoping to work out an agreement with OPEC+ which includes Russia”, according to Energy Minister Prince Abdulaziz bin Salman, media reported…reports Asian Lite News

The minister told Financial Times that politics should be kept out of OPEC+ and insisted the “world should appreciate the value” the alliance of oil producers.

Oil prices have reached their highest levels in a decade, a set of OPEC+ production quotas put in place in April 2020 is set to expire in three months, the Arab News reported.

The minister said it was too early to say what a new agreement might look like given the uncertainties in the market, but added that OPEC+ would increase production “if the demand is there.”

“With the havoc you see now it’s too premature to try to pinpoint (an agreement),” he said in the interview. “But what we know is what we have succeeded to deliver is sufficient for people to say so far there is a merit, there is a value of being there, working together.”

A week ago, the OPEC had revised its forecasts for this year’s global economic growth and oil demand, citing COVID-19-induced restrictions and geopolitical tensions.

The oil alliance said in its monthly oil market report that the world economy is expected to grow by 3.5 per cent in 2022, compared to its forecast of 3.9 per cent a month ago.

ALSO READ: Saudi bans travel to 16 countries including India

OPEC said notable challenges facing the global economy include “geopolitical tensions, the continued pandemic, rising inflation, aggravated supply chain issues, high sovereign debt levels in many regions and expected monetary tightening by central banks in the United States, the United Kingdom, Japan and the euro area.”

The oil-producer group also forecasts the global oil demand this year to increase by 3.4 million barrels per day year on year, down 300,000 barrels per day from last month’s assessment.

Oil demand in 2022 is expected to be “impacted by ongoing geopolitical developments in Eastern Europe, as well as COVID-19 pandemic restrictions,” OPEC said in its report. (with inputs from ANI/Xinhua)

Previous Story

Abu Dhabi International Book Fair to ‘inspire innovate enrich’

Next Story

Pak forex in freefall

Latest from Arab News

India backs ceasefire, Gaza aid push

Reiterating India’s historic support to Palestine, Permanent Representative of India to the United Nations Ambassador Parvathaneni Harish said India shared strong ties with Palestinian brothers and sisters India has called for an

IAEA Team to Visit Iran in Weeks

Iran to Host IAEA Technical Team Within Weeks, Says Deputy FM Iranian Deputy Foreign Minister for Legal and International Affairs, Kazem Gharibabadi, announced that Tehran has agreed to receive a technical delegation

Victory First, Then Peace?

Katz stressed the importance of meeting the war’s goals as set, primarily the return of all Israeli hostages and the surrender of Hamas….reports Asian Lite News Israeli Defence Minister Israel Katz said

Fragile Peace in Sweida Gains Regional Support

Jordan, Syria, U.S. discuss Syria’s Sweida ceasefire in Amman as more Israeli Druze cross border to Syria to fuel tensions Jordanian Foreign Minister Ayman Safadi, Syrian foreign affairs chief Asaad Al-Shaibani, and

The illusion of normalcy in Israel

As people are trying to heal from the scars of war and resume their everyday lives, for those of us living in Israel, normalcy feels like an illusion — fleeting, easily shattered
Go toTop

Don't Miss

Bennett, Biden talks over phone on Iranian nuclear issue

Israeli Prime Minister Naftali Bennett and US President Joe Biden

N. Korea flaunts new weapons with Russia, China by its side

Kim Jong-un took the reviewing stand to observe the military