Saudi Arabia: OPEC+ will remain cautious in its decisions

Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman said in an interview that OPEC+ will maintain a cautious approach to adjusting oil production parameters.

According to him, currently the alliance countries see a lot of uncertainties in the state of the global economy. Therefore, it is extremely important to be careful in decisions and to monitor the slightest changes in the current situation on the oil market. 

Bin Salman also quoted representatives of the International Monetary Fund, who noted that for many economies «the worst is yet to come» and a global recession is inevitable. Many central banks of the world hold a similar opinion. 

Recall that in May 2020, OPEC+ reduced oil production by 9.7 million barrels per day due to a drop in oil demand caused by the coronavirus pandemic. Since August 2022, the organization has moved to the final stage of the plan to get out of these cuts. However, since November, OPEC+ has reduced production again, this time by 2 million barrels per day. The alliance explained its decision by the uncertainty surrounding the forecasts of the global economy and the prospects for a decline in oil demand.

The next OPEC+ meeting is scheduled for December 4. It is expected that the countries participating in the deal will again analyze the state of the oil market and the global economy, and then decide on further production parameters.