Connect with us

Hi, what are you looking for?


Saudi energy minister confident that OPEC+ made right output decision

Saudi Arabia remains confident that the OPEC+ agreement to increase output over the next three months was the right move, said its energy minister.

“It’s still a good decision,” Prince Abdulaziz bin Salman said in an interview in Riyadh on Thursday. “I don’t see anything yet that disturbs us, me or my colleagues at OPEC+.”

For the latest headlines, follow our Google News channel online or via the app.

The minister spoke one week after the Organization of Petroleum Exporting Countries and its allies agreed to add more than 2 million barrels a day of crude to the market from May to July, anticipating a recovery in fuel demand. Since then, Brent crude has remained above $60 a barrel despite setbacks to the world’s emergence from the Covid-19 pandemic, including a vaccine shortage in India.

OPEC+ acted “in an extremely careful way when it made the decision to increase output, Prince Abdulaziz said. The group will continue to meet every month to assess the market, meaning it can quickly adjust its plans if things change.

“If things go south, we can always easily reverse, the minister said. The deal includes a mechanism that would allow production to “increase, freeze or decrease depending on what happens,” he said.



You May Also Like


Germany’s vaccine commission, known as STIKO, recommended on Thursday that people under 60-years old who have had a first shot of AstraZeneca’s COVID-19 vaccine...


United Arab Emirates power producer Abu Dhabi National Energy Co. (TAQA) announced on Wednesday plans to increase its renewable energyassets, in a shift away...

Life Style

An uncrewed SpaceX Starship prototype rocket failed to land safely on Tuesday after a test launch from Boca Chica, Texas, and engineers were investigating,...


Officials from Iran, China, Russia, France, Germany and UK will meet virtually on Friday to discuss a possible return of the US to the...