Saudi Arabia: OPEC+ may adjust deal more than analysts expect

MOSCOW, Nov 9 (PRIME) -- OPEC+ states may adjust the parameters of the oil production cut deal even more significantly than analysts expect, Saudi Arabia’s Energy Minister Abdulaziz bin Salman Al-Saud said at a conference on Monday.

“We, together with our partners, are committed to the principle of tuning (the OPEC+ deal) ... We could adjust the deal even more significantly than some analysts say,” he said.

The OPEC+ countries agreed to reduce their oil output by significant 9.7 million barrels per day in May to fight the consequences of the global coronavirus crisis, with Russia’s share of 2.5 million barrels per day. Later, the cut was prolonged at 9.7 million barrels per day for July, and narrowed to 7.7 million barrels per day for August–December, and then to 5.8 million barrels per day until May 2022. The agreement is valid until April 30, 2022, but the members will revise its extension in December 2021.

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