July 6, 2023
1 min read

Saudi says tools in place to address oil market challenges

Prince Abdulaziz bin Salman bin Abdulaziz Al Saud pointed out that the voluntary production cuts made by several OPEC+ countries were based on projections regarding future market conditions…reports Asian Lite News

Prince Abdulaziz bin Salman bin Abdulaziz Al Saud, Minister of Energy of Saudi Arabia, said that throughout its 58-year history, the Organisation of the Petroleum Exporting Countries (OPEC) had played a key role in achieving stability in the global oil market.

OPEC+ has continued with the same approach, he added.

Prince Abdulaziz made this statement during his keynote speech at the opening session of the 8th OPEC International Seminar, which began in the Austrian capital, Vienna.

OPEC is working to address oil market issues by ensuring transparency and confronting challenges and has succeeded in selecting independent institutions to provide periodic reports that ensure transparency and monitor compliance levels, he said.

He also pointed out that the voluntary production cuts made by several OPEC+ countries were based on projections regarding future market conditions, adding the organisation’s decisions aim to make it work more consistent and harmonious and enable it to fulfill its commitment to maintaining market balance.

‘’Building on the consensus of OPEC+ countries and the changes we introduced, we are now able to address the current situation and have the necessary tools to so,” Prince Abdulaziz said, assuring the world that OPEC will continue its efforts to supply and support the markets and ensure stable supplies.

ALSO READ: ‘Saudi to soon reopen embassy in Tehran’

Previous Story

4 countries consulted to join OPEC

Next Story

UAE aims to unite parties for inclusive COP: Al Jaber

Latest from -Top News

EU, China United on Climate, Split on Rest

Climate pact offers rare unity as trade rifts, Ukraine war, and economic tensions dominate EU-China summitChina and the European Union struck a rare note of unity on climate change Thursday, issuing a

Hungary Pays the Trump Price

Despite his success in wooing Trump’s conservative base, Hungary is among the EU nations most vulnerable to Trump’s incoming tariff blitz Hungary’s populist Prime Minister Viktor Orbán has spent years forging close

Meta Muzzles Election Ads

Meta to Halt Political Ads in EU, Citing Legal Uncertainty Over New Rules Meta, the parent company of Facebook, Instagram, and Threads, announced on Friday that it will suspend all political advertising

Holy War Talk

Russian officials have downplayed the Vatican’s potential role as a mediator, citing its location within NATO-member Italy, which has firmly supported Ukraine throughout the war. In a move that may signal an

Greece Battles Blazes, Heatwave Chaos

With temperatures soaring above 38°C (100°F), and dry, windy conditions prevailing, fires are spreading fast. A wildfire tore through a northern suburb of Athens on Saturday, forcing residents to evacuate as Greece
Go toTop

Don't Miss

Iran Won’t Stop Israeli-Saudi Normalisation: Netanyahu

The Israeli Prime Minister added that Iran failed to prevent

Saudi Arabia’s banking assets reach nearly $1000 bln in 2022

The minister added that the number of financial technology companies