- Sputnik International, 1920
World
Get the latest news from around the world, live coverage, off-beat stories, features and analysis.

OPEC+ Deal to Remain in Force Until End of 2023 Despite Rising Oil Demand

© AP Photo / Eric GayIn this Wednesday, April 8, 2020, file photo, the sun sets behind an idle pump jack near Karnes City, Texas. Demand for oil continues to fall due to the new coronavirus outbreak.
In this Wednesday, April 8, 2020, file photo, the sun sets behind an idle pump jack near Karnes City, Texas. Demand for oil continues to fall due to the new coronavirus outbreak. - Sputnik International, 1920, 17.02.2023
Subscribe
DOHA (Sputnik) - The agreement of the alliance of Organization of the Petroleum Exporting Countries and non-cartel producers (OPEC+) to reduce oil production will remain in effect until the end of the year despite signs of increased oil demand, Saudi Energy Minister Abdulaziz bin Salman Al Saud said on Thursday.
"The current OPEC+ deal to reduce oil production will remain in effect until the end of 2023 because we cannot increase production only on the basis of initial signals of rising demand," the minister told Saudi Arabian broadcaster.
The minister added that he "cannot predict demand in the market and will only believe in increased demand when he really sees it."
The logo of the Organization of the Petroleum Exporting Countries (OPEC) is seen outside of OPEC's headquarters in Vienna, Austria, Thursday, March 3, 2022.  - Sputnik International, 1920, 26.11.2022
World
Oil Market Situation to Dictate Upcoming OPEC+ Decisions - SOMO
The minister reiterated that the decisions of OPEC+ "are made jointly but not by Saudi Arabia alone."
In May 2020, OPEC+ reduced crude production by 9.7 million barrels per day due to a drop in oil demand caused by the COVID-19 pandemic. In October 2022, OPEC+ unanimously agreed to take 2 million barrels of oil per day off the market, starting in November, in response to uncertainty in global energy markets. The Meeting of the Joint Ministerial Monitoring Committee of OPEC+, held in early February via teleconferencing, did not recommend adjusting the current parameters of the alliance deal.
Newsfeed
0
To participate in the discussion
log in or register
loader
Chats
Заголовок открываемого материала