Saudi Arabia’s Minister of Energy, Prince Abdulaziz bin Salman, assured this Thursday (16) that the production agreement signed at the end of 2022 within the framework of the Organization of Petroleum Exporting Countries and allies (OPEC+) will remain in force. until the end of this year.
In an interview with the Energy Aspects website, bin Salman argued that the cartel should not increase supply based only on preliminary signs of demand.
According to him, the Chinese reopening can boost consumption of the energy commodity, but there are still uncertainties about the evolution of inflation and interest rates. “Following the cautionary approach, one needs to not only see the start of a positive trend, but see that this trend can be sustained,” he said.
Saudi Arabia is the top oil producer in OPEC+. In October last year, the group reached an agreement that provides for production targets for 2023.
Source: CNN Brasil
I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.
