OPEC+ leaves politics out of decisions: Saudi Energy Minister

By Al Mayadeen English
Source: Agencies
20 Dec 2022 20:30
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Saudi Energy Minister Prince Abdulaziz bin Salman stresses that “OPEC+ has no choice but to remain pro-active and pre-emptive."

Saudi Arabia's Minister of Energy Abdulaziz bin Salman Al-Saud during a virtual emergency meeting of OPEC (Reuters)

Saudi Energy Minister Abdulaziz bin Salman said “OPEC+ members leave politics out of the decision-making process and out of their assessments and forecasting.”

The Saudi Minister made the remarks during an interview with the Saudi state news agency on Tuesday.

The Minister continued by saying that OPEC+'s decision to reduce oil output, which had received much criticism, mainly from the US, had ended up being the best move for preserving the market's and the sector's stability.

In March, oil prices nearly reached an all-time high of $147 per barrel, but have since lost much of those gains due to the war in Ukraine.

It is worth noting that Tuesday's pricing for Brent crude was near $80.

This is happening as OPEC and its allies, collectively referred to as OPEC+, increased supply for the majority of 2022 as demand increased.

However, on December 4, OPEC+ decided to adhere to an October plan to reduce output by 2 million barrels per day (bpd) from November through 2023.

"Playing politics with statistics and forecasting and not maintaining objectivity often tend to backfire and result in loss of credibility," the Energy Minister said.

“In the face of a wide range of uncertainties, OPEC+ has no choice but to remain pro-active and pre-emptive," he concluded.