[ad_1]
Saudi Energy Minister Prince Abdulaziz bin Salman said in an exclusive interview with Al-Arabiya channel that a consensus exists among OPEC + countries, except one, and that ‘a little concession and rationality can make tomorrow’s meeting a success.
After the negotiations last Thursday and Friday, the “OPEC Plus” countries failed to reach an agreement on increasing production in the world oil market, and the countries are expected to meet again, Monday, to try to reach an agreement.
He added: “I am neither optimistic nor pessimistic about the next OPEC + meeting. I have been attending OPEC + meetings for 34 years and have not seen a similar request.”
The Saudi Minister of Energy stressed that no country can take as a benchmark the level of its production in a month.
“I represent a balanced country that takes everyone’s interests into account in their role as leader of OPEC +. Saudi Arabia is the biggest sacrifice, and without his leadership the oil market would not have improved.”
Prince Abdulaziz bin Salman explained that if a country had reservations, why has he been silent about them before?
The extension of the agreement is the original
He pointed out that the extension of the OPEC + agreement is at the root of our proposal and the increased production “offers”, and clear messages must be sent to the oil market for a long time, and the increase of 400,000 barrels per month is not enough to put an end to the cuts in April 2022, and the extension of the OPEC + agreement is the origin and the increase in production It is the branch in our proposal.
The Saudi Energy Minister said: “We and Russia are partners in the proposal to expand the OPEC + deal and increase production. There is a grievance mechanism within OPEC +. As for selectivity, it is difficult, and I do not know if country opposed its part at the meeting in March 2020. “
Regarding the impact of Corona, Prince Abdulaziz bin Salman said there are uncertainties in the oil market, especially the delta mutator and production from Iran and Venezuela.
What about Iran?
Regarding Iran, the Saudi Energy Minister said that no one knows how much Iranian production could come to the market.
And the UAE is demanding to increase its production baseline, which is the level of production on which the cuts are calculated, and has asked to increase it, to 3.8 million barrels per day, instead. of 3.1 million barrels per day.
The member countries of the “OPEC Plus” alliance of oil-exporting countries, at their meeting on Friday, had not reached an agreement to determine production quotas from August, and the group has announced the postponement of its talks until next week.
Monday discussions
And participated in Friday’s talks, which were conducted by video, and followed Thursday’s meeting of the 13 member countries of the Organization of the Petroleum Exporting Countries, led by Saudi Arabia, followed by ‘a technical meeting between the 23 countries of the “OPEC Plus” Alliance.
A statement issued by OPEC on Friday evening said the meeting had been postponed to Monday, July 5 at 1:00 p.m. GMT.
The organization’s larger “OPEC Plus” group includes Russia, the world’s second largest oil producer.
Source link
