Saudi Energy Minister Prince Abdulaziz bin Salman has said that OPEC Plus may need to tighten production to stabilize the oil market, which is experiencing fluctuations amid limited liquidity.
He said that "OPEC Plus has the means to deal with the challenges".
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Prince Abdulaziz bin Salman said that the OPEC Plus group has a more binding and more flexible attitude. It also has the requisite cooperation strategy to address the challenges it faces and the resources to implement it.
He said that OPEC Plus can reduce oil production at any time. It can take different methods for this. OPEC Plus has clearly expressed this with its actions and decisions during 2020 and 2021.
Prince Abdulaziz bin Salman was asked to comment on the current situation of the oil market, and he said that "Actually, the oil market is repeatedly spinning in an empty circle due to limited liquidity and fluctuations in oil prices." Limited liquidity and volatility in oil production are sabotaging the oil market's most important role. The basic requirement of the oil market is efficient access to fair and accurate prices.
When asked about the possible strategy of OPEC Plus in dealing with the challenges, the Saudi Energy Minister said that OPEC Plus has faced bigger challenges in the past. It has emerged stronger and more united than in the past. OPEC Plus has established itself as a more flexible and more committed policy group.
The Saudi energy minister said that a draft of the new agreement will be prepared soon, which will be implemented after 2022. In this regard, they will continue to rely on their experiences, their achievements and their previous successes. Committed to making the new agreement more effective.
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