Energy Minister: Riyadh wants to capture China’s growing demand; OPEC+ deal needed for uncertainties

Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said on Sunday that the latest OPEC agreement involved comprehensive reform while the alliance was working against “uncertainities and sentiment“ in the market. He said while the physical market was giving some signals, the futures market was saying the opposite, meaning the OPEC alliance of producers had to “remain in a state of readiness.“ Saudi Arabia, OPEC’s largest exporter, announced a voluntary cut of 1 million barrels per day (bpd) for July at an OPEC meeting in Vienna last weekend. The group of producers also lowered its collective production target for 2024 and the nine participating countries extended voluntary cuts announced in April to the end of 2024. The United Arab Emirates secured a higher output quota which it had long been seeking -- an issue that had caused tension between the group and Abu Dhabi, which has been increasing its output capacity. The prince said the new OPEC deal would be rewarding for those who were investing to grow their production capacity. Concern about the global economy dampened the oil market’s reaction to Saudi Arabia’s pledge to cut supply. Oil prices fell by more than a dollar per barrel on Friday to record a second straight weekly decline. __________________ ShanghaiEye focuses on producing top-quality contents. Nobody knows SHANGHAI better than us. Please subscribe to us ☻☻☻ __________________ For more stories, please click ■ What’s up today in Shanghai, the most updated news of the city ■ Amazing Shanghai, exploring the unknown corners of the city, learning the people, food and stories behind them ■ What Chinese people’s lives are like during the post COVID-19 period ■ Views of foreign scholars on China and its affairs ■ Foreign faces in Shanghai, people living in this city sharing their true feelings ■ Mini-docs showing why China is the country it is today __________________ ☎Leave us messages if you have any suggestions or questions! Thank you!