The Saudi Energy Minister, Prince Abdulaziz bin Salman, told Al-Arabiya TV that the decision to cut oil production is a precautionary one.
“We will continue to hedge as long as we do not see clarity and stability in the market, and our mission is to give the oil market clear data for stability.”
The Saudi Minister of Energy pointed out that independent parties will work with “OPEC +” countries regarding evaluating their production in 2024, and he said: “Independent parties will end the previous controversy over production data in OPEC +.”
Regarding Russia’s data, Prince Abdulaziz said, “We discussed with Russia the issue of its production and asked it to clarify its data, and we have strengthened the concept of transparency with Russia about its oil production figures.”
During a conference following the meeting of the “OPEC +” coalition, on Sunday, the Saudi energy minister said that the “OPEC +” agreement that was reached today is unprecedented, and that independent parties will be assigned to verify the production capacity of each country.
He pointed out that the “OPEC” meeting was constructive and contributed to the stability of oil markets, adding: “The recent measures reflect our responsibility as a mature central bank for oil.”
He said, “We want to prove to the world that we have the tools to stabilize the oil market… Our decision helps to enhance the stability of the markets and prevents volatility, because the stability of the markets is the most important thing we have.”
He added, “We are not worried about supplies next year. We do not target specific oil prices, but rather we aim to reduce market volatility.”
The minister stressed that Russia is committed to its commitments regarding oil production.
On Saudi-American relations, he said, “Our relationship with America has been going on for 80 years, and we look forward to more cooperation. All American officials are welcome in Saudi Arabia.”
The Organization of the Petroleum Exporting Countries (OPEC) announced that the “OPEC +” group decided, at its meeting today, Sunday, to adjust the bloc’s production level to 40.4 million barrels per day, starting from January 2024 and for a period of one year.
The alliance said, in a statement published by “OPEC” on its website, that it was agreed to hold the ministerial meeting of the group that includes OPEC members and non-OPEC producers, including Russia, every six months.
The statement added that it was also agreed to hold the next meeting of the “OPEC +” group in Vienna on November 26.