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  • 09-10-22

    Saudi Energy Minister assures that OPEC+ production cut to maintain market, not surge prices

    (MENAFN) Saudi Arabia’s Minister of Energy has assured that a deal to reduce oil output by two million barrels a day was reached to maintain markets, not to surge prices.

    Prince Abdulaziz bin Salman expressed his remarks after the Organization of the Petroleum Exporting Countries and its allies, recognized as OPEC+, dealt with disapproval for approving production cut from the start of November, with US leader Joe Biden naming it “a disappointment”.

    The minister stated in a press meeting after the OPEC+ gathering on Wednesday that “our current priority is stability in the market in terms of demand and investment.”

    In a meeting with Bloomberg, he continued, replying to assumptions of prioritizing revenue directly.

    He informed Bloomberg that “That mantra maybe could be acceptable if it is meant to be that we are deliberately doing this to jack up prices and that is not on our radar, our radar is to make sure we sustain markets.”

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