The Saudi Minister of Energy, Prince Abdulaziz bin Salman, said today, Sunday, that he insists on the participation of all members of the OPEC + alliance in decision-making, adding that recent global developments have proven that the group has made the right decision.
Prince Abdulaziz added at a forum in Riyadh, against the background of the Kingdom’s announcement of the 2023 budget, that collective action requires agreement, and therefore he still insists that every member of OPEC +, whether a large or small producer, be part of decision-making.
“OPEC Plus has succeeded in overcoming all geopolitical challenges and the Corona pandemic, as well as overcoming a lot of pressures and putting preserving the market in the first place,” according to Prince Abdulaziz.
The Saudi Energy Minister pointed out that OPEC Plus operates according to an economic perspective away from political affairs, and said, “The OPEC Plus group is keen to reduce market fluctuations, and it has programs, vision, and targets to preserve the energy market.”
He stressed that global developments have proven the validity of OPEC Plus decisions.
At the December 4, 2022 meeting, the “OPEC Plus” group decided to stick to its oil production targets, while oil markets struggle to assess the impact of the Chinese economic slowdown on demand and the repercussions of the G7’s decision to put a price ceiling on Russian oil on supply.
According to a statement received by Al-Arabiya.net, a copy of it; The “OPEC Plus” alliance reaffirmed its previous decisions, including adjusting the frequency of the monthly meetings of the Joint Ministerial Committee to monitor production, to be every two months, while giving the committee the authority to hold additional meetings, or to request the holding of the ministerial meeting of member states at any time, to deal with any Market developments, whenever required.
The statement stated that the importance of full compliance with the agreement and the compensation mechanism, and benefiting from the extension period approved at the 33rd ministerial meeting of “OPEC Plus” was reiterated. The thirty-fifth ministerial meeting of the “OPEC Plus” member states will be held on Dhu al-Qi’dah 15, 1444 AH, corresponding to June 4, 2023 AD, and the forty-seventh meeting of the Oversight Committee on Rajab 10, 1444 AH, corresponding to February 1, 2023 AD.