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

Kenyans put president on notice

Kenya’s fifth president became a remarkably unpopular leader barely two years into his presidency after proposing aggressive tax measures that many saw as a betrayal of his campaign promise to support working-class

World Bank grants South Africa a $1.5 bn loan

Deteriorating rail systems, jammed ports and frequent blackouts have hindered vital industries like mining and auto manufacturing in South Africa, contributing to slow economic growth over the last decade in Africa’s most

Judge halts Trump from dismantling USADF

Congress established USADF as an independent agency in 1980, with the mandate to support economic development initiatives in AfricaXXX In a significant legal development, a federal judge in Washington, DC, has temporarily

BRICS Bank Welcomes Colombia, Uzbekistan

The bank’s Board of Governors approved the accession of the two countries, bringing the total membership to 11….reports Asian Lite News Colombia and Uzbekistan have joined the New Development Bank (NDB), expanding
Go toTop

Don't Miss

US special envoy urges OIC to ‘press’ Taliban for inclusive govt

The US special envoy has discussed the humanitarian situation as

Iran Won’t Stop Israeli-Saudi Normalisation: Netanyahu

The Israeli Prime Minister added that Iran failed to prevent