Saudi says OPEC+ must be ready to react to market needs

OPEC+ oil producers must be prepared to respond to the market and should stick by their agreements, Saudi Arabia’s energy minister said on Tuesday. OPEC+, which groups the Organization of the Petroleum Exporting Countries, Russia and others, is considering delaying its plans to increase oil output in January as demand for fuel has remained under pressure due to the coronavirus crisis.

“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 the start of a virtual meeting of the OPEC+ panel, the Joint Ministerial Monitoring Committee (JMMC).