Saudi Arabia will continue to cut oil production at a pace that exceeds its share in the OPEC Plus deal, the Kingdom’s energy minister Prince Abdulaziz bin Salman said.
The Saudi and Russian energy ministers called on all producers to comply with oil production cuts under the OPEC-led supply agreement ahead of Thursday’s joint ministerial oversight committee meeting.
Saudi Energy Minister Prince Abdulaziz bin Salman said all countries must comply with production cuts in order to stabilize the oil market among producers. He said Saudi Arabia’s oil policy would remain unchanged.
He said an announcement was scheduled that would reveal the course of steps to be taken by OPEC and its allies in the so-called “OPEC Plus alliance,” after the meeting of the ministerial committee in the United Arab Emirates on Thursday.
Russian Energy Minister Alexander Novak said the main goal of OPEC Plus was to maintain full compliance with the cuts, adding that joint efforts by producers would have a positive and sustainable impact on global oil markets.
Producers are expected to discuss whether deeper cuts are needed.