Baghdad The Organization of Petroleum Exporting Countries (OPEC) confirmed today, Monday that its determination to do what is necessary to ensure the stability of the oil market, while indications of a resumption of demand appear weak.
Saudi Energy Minister Prince Abdulaziz bin Salman, head of the cartel, announced in a speech broadcast live on YouTube during the monthly OPEC + meeting: I would like to confirm OPEC Plus’s determination to continue the strategy that we agreed upon unanimously.
The Saudi Energy Minister added: We will do what is necessary to preserve the interest of everyone.
Last Thursday, OPEC Secretary-General Mohamed Berkendo admitted that the return of demand is not taking place at the pace we expected earlier this year.
The producing countries decided last April to reduce their joint production by 9.7 million barrels per day for the months of May and last June, and then gradually reduce these cuts, so that OPEC + members are supposed to reduce production to 7.7 million barrels per day starting from the first of last August then 5.8 Million barrels as of January 2021.
Source: National Iraqi News Agency