Saudi Energy Minister Prince Abdulaziz bin Salman said oil market volatility and poor liquidity are sending the wrong signals to markets at a time when clarity is needed most.
He pointed out that “the OPEC+ group is more committed and flexible, and has the means under the cooperation declaration mechanisms that allow it to meet these challenges, which include the possibility of cutting production at any time, and in different ways that it repeatedly and clearly demonstrated during 2020 and 2021.”
He stated: “We in the OPEC+ group have faced more difficult situations in the past, and we came out of them more reliable and consistent than ever,” noting that “the group has the funds under the cooperation mechanisms.” a declaration that allows us to address these issues and guide markets.”
He said: “We will soon begin work on a draft new agreement for the period after 2022, in which we will continue to build on our previous experience, achievements and successes, and we are determined to make the new agreement more effective. its stability only increases our resolve to achieve it.”
Source: The Economist.