Arab News, Saturday, Apr 3, 2021 | Shaaban 20, 1442
Saudi energy minister urges continued caution for OPEC+
Saudi Arabia:
Prince Abdulaziz bin Salman, Saudi Arabia’s energy minister, urged the OPEC+
producers’ alliance to exercise caution ahead of a key meeting to decide oil
output levels for the 23 members over the coming month.
“Until the evidence of the recovery is undeniable, we should maintain this
cautious stance,” he told ministers ahead at the monthly meeting.
He said that global oil demand recovery was uneven in the face of the pandemic
hit to economic growth. “For most part, the market is on a stable footing and
stocks continue to draw down. In some parts of the world, such as the US and the
UK, the rollout of vaccines has been very effective,” the prince said.
“But in the Eurozone, infection rates continue to rise, and countries are
reimposing full or partial lockdowns and extending restrictions to combat a
third wave,” he added.
“Steering the ship in these current conditions where different scenarios are
playing out in various regions of the world requires a steady hand on the
tiller, as I said back in February,” he said.
Compliance to agreed OPEC+ supply levels was at 113 percent last month, he
revealed.
The meeting is considering whether to add back 500,000 barrels a day to the
global market, while Saudi Arabia is weighing whether to lift the 1m barrel
voluntary cut it made at the start of the year.
The OPEC+ meeting commended Saudi Arabia for its recent green initiatives in the
Kingdom and the Middle East, which it said was an important part of the global
effort to address climate change.