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.

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