The American “Bloomberg” agency reported that the Kingdom of Saudi Arabia is considering its resignation from the position of co-chair of the Joint Ministerial Monitoring Committee of “OPEC +”.
The agency added that the UAE will reject the offer to take over the co-chair of the committee in the event Saudi Arabia resolves its decision to resign.
Reuters quoted three OPEC sources as saying that the Saudi Energy Minister, Prince Abdulaziz bin Salman, said at the OPEC meeting on Monday that he would step down from participating in the chairmanship of the Ministerial Monitoring Committee, and it is not clear why he intends to do so.
OPEC + postponed talks on oil production policy in 2021 until Thursday, while the main players are still diverging over how much oil should be pumped amid weak demand due to the Coronavirus pandemic.
OPEC + must strike a delicate balance between pushing prices up enough to help member states’ budgets, but not so sharply that competing US production increases.
Source: “Bloomberg” + “Reuters”
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