MOSCOW (Pakistan Point News / Sputnik - 15th March, 2023) The persisting global economic uncertainty deprives OPEC+ of clarity, so it is right to maintain the current parameters of the alliance's oil deal until the end of the year, Saudi Energy Minister Prince Abdulaziz bin Salman believes.
"There are many factors influencing market sentiment. The global economy is forecasted to continue growing this year and next year, but there is still uncertainty around the pace of growth. Moreover, China has just started to rebound after extended Covid lockdowns, but the duration for recovery is still unclear. Economic recovery is generating inflationary pressures, and this could prompt central banks to intensify their efforts to tame inflation," the minister said in an interview with the Energy Intelligence magazine.
"The interplay of these and other factors limits clarity, and the sensible and only course of action in such an uncertain environment is to maintain the agreement we struck last October for the rest of this year and that is what we intend to do," he added.
The alliance needs to make sure that positive changes in the global economy are sustainable, bin Salman noted.
"There are those who continue to think that we would adjust the agreement before the end of year. For those I say they need to wait until Friday, Dec. 29, 2023 to demonstrate to them our commitment to the current agreement," the minister concluded.
