2023-09-23 20:35:35
Saudi Arabia stresses the importance of collective cooperation with OPEC+ to stabilize oil markets
Saudi Foreign Minister Faisal bin Farhan said today, Saturday, that the Kingdom stresses the importance of collective cooperation with the OPEC+ alliance to stabilize global oil markets.
He noted, in his speech before the United Nations General Assembly, that the Kingdom is keen “to maintain the stability, reliability, sustainability and security of global oil markets and to meet the needs of consumers, to ensure a sound global economy that benefits producers and consumers.”
Saudi Crown Prince Mohammed bin Salman recently clarified that the OPEC+ alliance does not aim to reach a specific price for a barrel of crude oil, stressing that the goal is to achieve stability in the energy market.
Bin Salman’s statements were made on Wednesday evening during an interview with the American Fox News channel, where the Crown Prince is participating in the meetings of the United Nations General Assembly in New York.
The Saudi Crown Prince stated that “the decisions to reduce production adopted by the OPEC+ alliance are mainly aimed at achieving the greatest degree of stability in the energy market.”
He added: “Also, the production cuts do not target any assistance from the coalition to Russia in its war once morest Ukraine.”
Russia is a member of the OPEC+ alliance and participates in the agreement to reduce production by more than one million barrels per day, divided between mandatory and voluntary reductions. It faces Western sanctions that affect crude exports.
On September 5, the Saudi Ministry of Energy announced the extension of the voluntary reduction of one million barrels per day, which began at the beginning of last July, to include the period from October until the end of December 2023, instead of the end of the current month.
On the same day, Russia announced the extension of the decision to voluntarily reduce its crude oil production, by 300,000 barrels per day, for an additional three months, to end in December, which it announced last July.
According to Bin Salman, “The coalition monitors supply and demand in the markets. Any shortage in supply prompts the coalition to meet demand. While we work to control the market in the event of a surplus.”
On Monday, Saudi Energy Minister Prince Abdulaziz bin Salman said: “We in the OPEC+ alliance aim to anticipate any negative confusions on the global energy market… We do not target prices, but rather reduce fluctuations.”
(Archyde.com, Anatolia)
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