[Abu Dhabi 9th Reuters]-Prince Abdul Aziz bin Salman, who was appointed Saudi energy minister, said on September 9 that Saudi Arabia will continue to cooperate with other oil-producing countries to achieve the equilibrium of the crude oil market. He stated that the production reduction agreement led by the Organization of Petroleum Exporting Countries (OPEC) will continue with the will of all parties. He told reporters between meetings in Abu Dhabi.
Prince Abdulaziz bin Salman acknowledged that Saudi crude oil policy was based on strategic considerations such as reserves and energy consumption, and that there was no drastic change.
“OPEC Plus”, which is OPEC plus non-OPEC oil-producing countries such as Russia, is “long-lasting” and urged OPEC member countries to comply with production targets.
"We have always worked together as an OPEC so that oil-producing countries can work together and thrive," he said.
When asked whether further production cuts were necessary to support the market, he said, "It is a mistake to take the lead against other OPEC member countries."
The crude oil market on the 9th is rising due to Saudi energy change.
The prince declined to comment on crude oil prices, but said that the world's energy demand has not slowed down and indicated that the outlook for the world economy will improve if US-China trade friction is resolved.
Prior to this, the oil ministers of Oman and Iraq pointed out that it would be premature to assess whether a further reduction in production would be necessary to support the crude oil market in the context of global recession in the US-China trade war. It was.