“If prices stay within the border of $35-$40 a barrel ... I wouldn’t be surprised if natural declines are even more severe as we move into the next few months”, the energy minister said, as quoted by the Financial Times newspaper on Tuesday evening.
In total, global oil production cuts could stretch to 20 million barrels per day, he stated.
Prince Abdulaziz also said that Riyadh was committed to stimulating economic growth and will work to rectify the current shocks felt by the global oil market.
“As a long-term producer, we care more about a prosperous world economy that brings a prosperous level of demand. We are not engaged in any type of zero-sum game, he said, as quoted by the newspaper.
OPEC+ countries signed a landmark deal on Sunday that commits member nations to reduce crude oil production by 9.7 million barrels per day from May-June. Thereafter, production will be cut by 7.7 million barrels per day until the end of 2020, and by 5.8 million barrels daily from January 2021 until April 2022.
Brent crude oil futures fell below $30 per barrel briefly on Tuesday, the first such drop in six trading sessions.