Oil – Saudi Arabia Energy Minister says OPEC+ should remain cautious over output

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. 

Saudi Arabia Energy Minister Prince Abdulaziz bin Salman spoke on oil in a Bloomberg TV interview over the weekend. 

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