RIYADH (Reuters) – Decisions by OPEC+ are not politicised and are based on market fundamentals, Saudi Arabian energy minister Prince Abdulaziz bin Salman said on Monday, adding that the alliance of oil producers is sufficiently flexible to adjust policy as needed.
Prince Abdulaziz was speaking at a media forum in the capital Riyadh about last October’s decision to cut the group’s production target by 2 million barrels per day.
The group comprising the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia agreed the cuts until the end of 2023.
Prince Abdulaziz reiterated in an interview with Energy Aspects last week that the decision was locked in for the rest of the year.
(Reporting by Aziz El Yaakoubi; Editing by Kirsten Donovan and David Goodman)