Saudi Arabia’s energy minister said in an interview on Thursday that the country still believes that OPEC’s agreement to increase production in the next three months is correct.
“It’s still the right decision,” Saudi prince Abdulaziz bin Salman said in an interview in Riyadh on Thursday. I haven’t seen anything bothering OPEC yet. ”
A week ago, OPEC agreed to increase production by more than 2 million B / D between May and July, as it expects fuel demand to pick up.
Since then, Brent crude has been above $60 a barrel, despite setbacks in the global fight against the epidemic – including a shortage of vaccines in India.
Abdulaziz bin Salman said OPEC was “very cautious” in its decision to increase production.
OPEC will continue to meet monthly to assess the market, meaning it can quickly adjust its plans if things change.
“If the situation is not favorable, we can always turn easily.”
He pointed out that the agreement includes a mechanism that can “increase, freeze or reduce production” according to the situation.