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December 21 2020, 4:32 PM
(Bloomberg) OPEC+ will react faster to changes and take a more hands-on approach with the oil market, thanks to its accelerated schedule of monthly meetings, according to Russia and Saudi Arabia, the groupâs leaders.
(Bloomberg) OPEC+ will react faster to changes and take a more hands-on approach with the oil market, thanks to its accelerated schedule of monthly meetings, according to Russia and Saudi Arabia, the groupâs leaders.
More frequent OPEC+ conferences mean policy makers in oil-producing countries will drive the market in the coming months, not speculators, said Saudi Energy Minister Prince Abdulaziz bin Salman. He spoke to reporters after talks in Riyadh on Saturday with Russian Deputy Prime Minister Alexander Novak.
Friday, 18 December, 2020 - 07:45 Saudi Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz addressing the forum on Thursday (Asharq Al-Awsat) Riyadh - Asharq Al-Awsat Saudi Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz said that the OPEC Plus agreement saved the global oil industry, stressing that this market was only managed by understandings and could not be dependent on the concept of market freedom.
In a forum organized by the Ministry of Finance on the challenges of global energy markets, the minister noted that OPEC Plus’ commitment to the recent agreement was the strongest compared to previous agreements.
Saudi Arabia is the only country in the world that has a high capacity to supply any shortage in the global energy sectors. The Kingdom enjoys great flexibility in production processes and the entire supply and transport chains, in addition to its long experience in the oil sector.