OPEC+ has ‘means’ to deal with oil volatility: Saudi Arabia
OPEC leader Saudi Arabia’s energy minister said Monday that the oil cartel and its allies have the means to deal with market challenges — including by “cutting production”.
“OPEC+ has the commitment, the flexibility, and the means within the existing mechanisms… to deal with such challenges including cutting production at any time”, Prince Abdulaziz bin Salman said in an interview with Bloomberg, according to Saudi state news agency SPA.
The Saudi-led Organization of the Petroleum Exporting Countries (OPEC) consists of 13 members.
OPEC and 10 allies led by Russia — a group known as OPEC+ — agreed last month to raise production by 100,000 bpd in September following Western calls for more output after Russia’s war in Ukraine and a post-pandemic surge in demand sent crude prices soaring.
