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  • 05-01-21

    Saudi Arabia to observe "caution, responsibility" in oil market

    (MENAFN)Saudi Arabia has urged its members in OPEC+ to detect "caution and responsibility" in oil market policy as a number of countries go back into pandemic lockdowns, hitting demand views at the beginning of the year.

    "The level of uncertainty in the world remains high," declared Prince Abdul Aziz bin Salman, the Kingdom"s energy minister to ministers at the first of a new series of monthly OPEC+ assemblies.

    "The new variant of the disease is a worrying and unpredictable development. In many parts of the world, where infection rates have increased worryingly, a new wave of lockdowns and restrictions are being put in place, which will inevitably impact the rate of economic recovery in those countries," he further said.

    He stressed, "So I urge you today not to take for granted the progress we have made as a group over the past year. Do not put at risk all that we have achieved for the sake of an instant, but illusory, benefit." €ƒ

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