OPEC+ Decisions Nonpolitical

OPEC+ Decisions Nonpolitical
OPEC+ Decisions Nonpolitical

Decisions by OPEC+ are not politicized and are based on market fundamentals, Saudi Arabian Energy Minister Prince Abdulaziz bin Salman said on Monday, adding that the alliance of oil producers is sufficiently flexible to adjust policy.
Prince Abdulaziz was speaking at a media forum in the capital Riyadh about last October's decision to cut the group's production target by 2 million barrels per day, reported.
The group comprising the Organization of Petroleum Exporting Countries and allies, including Russia, agreed to maintain the cuts until the end of 2023.
The Saudi minister reiterated in an interview with Energy Aspects last week that the decision was locked in for the rest of the year.
“We are flexible enough to adjust OPEC decisions, if needed,” he said.
Last October, OPEC and its partners assigned fixed oil production targets for a full year ahead. 
Key officials have since indicated they intend to stick to that plan, even after Russia announced a 500,000-barrel-a-day cut in its own oil output in retaliation for sanctions.
Oil has had a mixed start to 2023 as traders weigh the market impact of China’s reopening, supply curbs by Moscow and persistent concerns that tighter US monetary policy may trigger a recession.

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