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OPEC+ Will Remain Cautious: Saudi Energy Minister

OIL

OPEC+ will remain cautious on production, Saudi Arabia’s energy minister Prince Abdulaziz bin Salman said on Bloomberg TV during Cop 27.

  • “I agree with what the IMF says the worst is yet to come in 2023, I also see what the central bankers are saying, this is a big period of diverse uncertainties and I have, as well as my colleagues in OPEC+, been saying our theme is being cautious”, he said.
  • “China is closing more cities and the jury is still out” on whether it will end its policy of strict coronavirus lockdowns, he said. “It’s about recession. I also see what central banks are saying and doing.”
  • OPEC+ has been criticised for its 2mbpd production cut from November, as it would cause inflation and economic weakness, especially in emerging markets, IEA chief said earlier this week.
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