{"id":8226,"date":"2023-10-14T14:03:35","date_gmt":"2023-10-14T14:03:35","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=8226"},"modified":"2023-10-14T14:03:35","modified_gmt":"2023-10-14T14:03:35","slug":"saudi-energy-minister-we-need-to-be-proactive-on-oil-market-2","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/8226\/","title":{"rendered":"Saudi energy minister: We need to be \u2018proactive\u2019 on oil market"},"content":{"rendered":"

RoydadNaft – <\/a><\/span>\u00a0Saudi Energy Minister Prince Abdulaziz bin Salman said in a Russian TV interview that it was necessary to be “proactive” on the oil market and attempt to bring stability to it, while adding that oil producers do not target prices.<\/p>\n

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He said in the interview that the market was unpredictable and “cannot be left on its own”, Reuters reported.<\/p>\n

“We are not magicians, it is hard to forecast what will happen on the market even in half a year,” he told Rossiya-24 state TV.<\/p>\n

Saudi Arabia and Russia have agreed to continue with voluntary oil supply cuts of a combined 1.3 million barrels of oil per day, or more than 1% of global demand, to the end of the year.<\/p>\n

The Saudi minister said the need to act on the oil market depended on its volatility. He also said, however, that attempts to target prices had failed in the 1980s.<\/p>\n

Russian Deputy Prime Minister Alexander Novak, speaking in the same interview, said Russia’s deal with OPEC+ had had a stabilising effect.<\/p>\n

Abdulaziz said the terms of the deal would be evaluated every month.<\/p>\n<\/div>\n<\/div>\n

Updated on