OPEC+ aims to stabilize global oil market
(VOVWORLD) - Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman said on Sunday that the OPEC+ decision to cut oil production by two million barrels per day has proven to be the correct one when recent developments are taken into consideration.
 Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman. (Photo: AFP/VNA) |
Addressing the Saudi Arabia Budget Forum 2023 in Riyadh on Sunday, he said that consensus has positive implications for the market and the alliance will continue to focus on market stability in the year ahead.
In October, the 23-member OPEC+ alliance agreed to slash its November output by 2 million barrels per day, its biggest production cut since the start of the pandemic in 2020.
The Saudi Energy Minister said that all OPEC+ members, led by Saudi Arabia and Russia, were involved in the decision-making process. Oil prices fell below 80 USD a barrel last week for the first time since January on fears of a recession and growing interest rates.