Saudi Arabia Energy Minister Prince Abdulaziz bin Salman spoke on oil in a Bloomberg TV interview over the weekend.
He said OPEC+ alliance should maintain its cautious approach to managing global crude supplies given the threat to demand still posed by the pandemic.
- producers shouldn’t take the rise in prices for granted
The background to this is:
- OPEC+ is raising daily production by 400,000 barrels each month
- some members are not managing to hit their output targets
- OPEC+ next meet on November 4
And oil prices remain underpinned by supply constraints and recovering demand.
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