OPEC+ to stick to production cut

Saudi Arabia’s energy minister Prince Abdulaziz bin Salman told Energy Intelligence in an interview the OPEC+ alliance will stick until the end of the year to production cuts agreed in October
Reuters
Reuters Thursday, 16 March 2023

Saudi Arabia’s energy minister Prince Abdulaziz bin Salman told Energy Intelligence in an interview on Tuesday the OPEC+ alliance will stick until the end of the year to production cuts agreed in October.

“There are those who continue to think we would adjust the agreement ... I say they need to wait until Friday Dec 29 2023 to demonstrate to them our commitment to the current agreement.”

Prince Abdulaziz also said the U.S. Senate's proposed NOPEC bill was a different concept from price caps that have been imposed by Western countries on Moscow over the invasion of Ukraine, yet they had similar potential impacts on the oil market.