Energy Minister: OPEC+ is flexible enough to change its ‎decisions if needed

Energy Minister Prince Abdulaziz bin Salman said today, Monday, that the OPEC + bloc is flexible enough to change decisions whenever necessary.

This came during his participation in the Saudi Media Forum in its second edition, in the presence of the designated Minister of Information, and the participation of more than 1,000 media personalities from Arab and international countries in the capital, Riyadh, during February 20-21, 2023.

OPEC +, which includes the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, agreed in October to reduce oil production targets by two million barrels per day until the end of 2023.

The Minister had said that the current “OPEC +” agreement regarding oil production will remain in effect until the end of the year, adding that he is still cautious about the expectations of Chinese demand.

OPEC raised its forecast for global oil demand growth in 2023 this week, on the back of China’s easing of restrictions to combat the Corona virus.