Saudi Energy Minister Prince Abdulaziz bin Salman said on Sunday that he insisted on the participation of all members of the OPEC+ alliance in the decision-making process, adding that recent global developments have shown that the group has taken the right decision.
Prince Abdulaziz added in a forum in Riyadh, against the backdrop of the Kingdom’s announcement of the 2023 budget, that collective action requires a deal, and therefore still insists that every member of OPEC+, be it a large or small producer, participate in the decision-making .
The “OPEC +” alliance officially keeps the oil production policy unchanged
“OPEC Plus has managed to overcome all geopolitical challenges and the Corona pandemic, as well as overcome many pressures and put the preservation of the market first,” according to Prince Abdulaziz.
The Saudi Energy Minister stressed that OPEC Plus operates under an economic perspective away from political affairs and said, “OPEC Plus Group is eager to reduce market fluctuations and has programs, vision and goals to preserve the market of energy.”
He stressed that global developments have proved the validity of the OPEC Plus decisions.
At its meeting on December 4, 2022, the “OPEC Plus” group decided to maintain its oil production targets, while oil markets are struggling to assess the impact of the Chinese economic slowdown on demand and the repercussions of the G7 decision to cap the price of Russian oil on supply.
According to a statement received by Al-Arabiya.net, a copy of it; The “OPEC Plus” alliance reiterated its previous decisions, including the bimonthly adjustment of the monthly meetings of the Joint Ministerial Committee for Production Monitoring, giving the Committee the power to hold further meetings or to request the holding of the ministerial meeting of the member states in any time, to address any market developments, where necessary.
The communiqué reiterates the importance of full compliance with the agreement and the offsetting mechanism, and of benefiting from the extension approved at the 33rd Ministerial Meeting of OPEC Plus. The 35th Ministerial Meeting of OPEC Plus Member States will be held on 15 Dhu al-Qidah 1444 AH, corresponding to June 4, 2023 AD, and the forty-seventh meeting of the Monitoring Committee will be held on Rajab 10, 1444 AH, corresponding to February 1, 2023 AD
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