Saudi Energy Minister Abdulaziz bin Salman Al Saud said that OPEC+’s agreement to cut oil production will continue until the end of 2023. His words are in the newspaper Sarku’l-Evsat.
The minister added that the member countries of the alliance will “not increase production only at the first signs of an increase in demand in the world market”.
According to Abdelaziz bin Salman Al Saud, he “cannot predict market demand” and is ready to believe in his growth only when he sees it. He also stressed that the OPEC+ decisions were taken unanimously.
Former Organization of the Petroleum Exporting Countries (OPEC) published The February report slightly lowered forecasts for the production of liquid hydrocarbons – oil and condensate – in Russia this year. OPEC expects production to be 50,000 barrels per day (b/d); this is below the agency’s previous estimate of 10.1 million bpd on Jan. 17.
At the same time, OPEC continued the same assessment of the relevant indicators in Russia for 2022. Accordingly, daily oil and condensate production in Russia increased by 200 thousand barrels on an annual basis and reached 11 million barrels.