Saudi calls on OPEC+ to be flexible as it weighs oil cut extension

DUBAI/MOSCOW/LONDON (Reuters) – Saudi Arabia called on fellow OPEC+ members on Tuesday to be flexible in responding to oil market needs as it builds the case for a tighter oil production policy in 2021 to tackle weaker demand amid a new wave of the coronavirus pandemic.

OPEC+, which groups the Organization of the Petroleum Exporting Countries, Russia and others, is considering delaying a plan to boost output by 2 million barrels per day (bpd), or 2% of global demand, in January to support the market.

“We as a group do not want to give the markets any excuse to react negatively,” Saudi Energy Minister Prince Abdulaziz bin Salman said at a virtual meeting of an OPEC+ panel, the Joint Ministerial Monitoring Committee (JMMC).