4/1, 2:36 PM (Source: TeleTrader)
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Saudi oil min: Flexible approach to output policy needed

Saudi Arabian Oil Minister Prince Abdulaziz bin Salman said at the start of the OPEC+ Joint Ministerial Monitoring Committee (JMMC) on Thursday that the cartel and its allies should maintain a "flexible" approach to its production policies.

According to the Saudi minister, oil market recovery is far from complete and OPEC+ has to remain cautious until it happens.

Prince Abdulaziz and Russia's Deputy Prime Minister Alexander Novak both warned that oil producers need to continue monitoring new surges in COVID-19 cases and new lockdowns imposed in response to them in order to be able to amend their production policies accordingly. Novak particularly stressed the importance of avoiding an oversupplied market.

Breaking the News / NP