Saudi Arabia's Energy Minister Abdulaziz bin Salman, who co-chaired the OPEC+ ministerial meeting together with his Russian counterpart, Alexander Novak, said Saturday the alliance was cautiously optimistic about the future of the oil market
MOSCOW (Pakistan Point News / Sputnik - 06th June, 2020) Saudi Arabia's Energy Minister Abdulaziz bin Salman, who co-chaired the OPEC+ ministerial meeting together with his Russian counterpart, Alexander Novak, said Saturday the alliance was cautiously optimistic about the future of the oil market.
"Today we have ground to be cautiously optimistic about the future. But we are not out of the woods yet and challenges ahead remain to be seen," the Saudi minister said.
OPEC and its partners, led by Russia, have agreed in a draft communique to extend by another month their oil production cuts, equaling 9.7 million barrels a day. Abdulaziz bin Salman said the oil market was still in dire straights but appeared to have passed its lowest point.
"We must remain vigilant. Each of the 23 countries' representatives must be on guard for any signs of backsliding from their commitments," he warned.
The Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC) will be meeting monthly until the end of the year, he said, to monitor compliance with the production quotas, after several nations failed to meet their targets in May and June.
"The JMMC will be monitoring the market situation in monthly meetings till the end of this year and probably in the year to come," Abdulaziz bin Salman said during the ministers' online meeting.
