Saudi Arabia leads by example in its role as guardian of the oil industry
Faisal Faeq
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Saudi Energy Minister Prince Abdul Aziz bin Salman speaks via video link during an OPEC+ meeting, Riyadh, Saudi Arabia, April 9, 2020. (Reuters)
The recent upward momentum in oil prices did not tempt OPEC+ to increase production this week, even as the price of WTI rises above $50 a barrel for the first time in a year.
The group, which includes the OPEC countries and 10 non-OPEC allies, unanimously agreed to leave previously agreed output cuts relatively unchanged during the first quarter of the year.