DOHA (Pakistan Point News / Sputnik - 17th February, 2023) The agreement of the alliance of Organization of the Petroleum Exporting Countries and non-cartel producers (OPEC+) to reduce oil production will remain in effect until the end of the year despite signs of increased oil demand, Saudi Energy Minister Abdulaziz bin Salman Al Saud said on Thursday.
"The current OPEC+ deal to reduce oil production will remain in effect until the end of 2023 because we cannot increase production only on the basis of initial signals of rising demand," the minister told Saudi Arabian broadcaster Asharq news.
The minister added that he "cannot predict demand in the market and will only believe in increased demand when he really sees it."
The minister reiterated that the decisions of OPEC+ "are made jointly but not by Saudi Arabia alone."
In May 2020, OPEC+ reduced crude production by 9.7 million barrels per day due to a drop in oil demand caused by the COVID-19 pandemic. In October 2022, OPEC+ unanimously agreed to take 2 million barrels of oil per day off the market, starting in November, in response to uncertainty in global energy markets. The Meeting of the Joint Ministerial Monitoring Committee of OPEC+, held in early February via teleconferencing, did not recommend adjusting the current parameters of the alliance deal.
