Dubai: Saudi Arabia will remain committed to improving the global economy through OPEC+, its energy minister said on Wednesday.
Speaking at a press conference on the conclusion of the OPEC+ meeting in Vienna, Saudi Energy Minister Prince Abdulaziz bin Salman reaffirmed the Kingdom’s role as a key player in the global economy.
Highlighting the importance of pre-emptive action in the face of uncertainty in the global oil market, the minister stressed: “What we are doing is essential and important to all oil exporters, even those outside OPEC+.”
We expect the true impact of oil production cut will be between one and 1.1 million barrels a day.
Saudi’s share in oil output will drop by 526,000 barrels a day in November, as the group agreed to reduce oil output by two millions barrels a day.
Prince Abdulaziz said oil prices have almost returned to their levels as they were in January before the current crisis.
“We should be cautious and remain faithful in our future expectations,” he said, adding that consumer countries adding to their strategic reserves is a sovereign decision.
“We have to ensure oil supply to markets on the long run, UAE energy minister Suhail Al Mazrouei said on Wednesday.
He stressed that oil prices are not the largest contributor to the current economic crises, as gas prices cause more damage to the global economy when compared to oil prices.