Riyadh confirms that “OPEC +” wants to reduce production capacity, and...

London – “Al Quds Al Arabi” – Agencies: Saudi Energy Minister Prince Abdulaziz bin Salman said during a forum yesterday, Thursday, that the OPEC + group of oil-producing countries is committed to its previous agreement on increasing production, which it reached last week, as it wants to reduce oil production capacity. The surplus left over from the pandemic is gradual. “We want to make sure that we reduce this excess capacity caused by Covid-19,” he added during the forum in Moscow. We want to do it gradually and gradually, and we believe 2022 will be a difficult year.”
Meanwhile, Russian Deputy Prime Minister Alexander Novak said at the forum yesterday that Russia has no problems in increasing its oil production and plans to pump 9.9 million barrels per day this month. He added that the levels of oil production in Russia will depend on the market situation and that the International Energy Agency’s calls to reduce investment in oil and gas projects have nothing to do with reality.
As for the UAE Minister of Energy, Suhail Al Mazrouei, he said that the global oil market is at risk from the fluctuations that the gas market is currently witnessing if it is not invested in it properly. In response to a question if the OPEC + group would be willing to increase its production to calm the rise in oil prices, the minister said that OPEC + producers have the ability to do so, but they do not want to overdo it.