Saudi energy minister: OPEC+ verdict proved its right for market stability

(MENAFN) An OPEC+ verdict taken last month to reduce oil output by 2 million barrels per day turned out to be the right one for backing the stability of the oil market in spite of being labeled as “very risky” as well as “unfortunate” at the time, Saudi Arabia’s energy minister mentioned on Tuesday.

While giving a speech to the Saudi Press Agency, Prince Abdulaziz bin Salman stated that there were proposals that the verdict was motivated by political reasons, would tip the worldwide economy into recession, as well as would trigger harm to developing nations.

“In retrospect, the OPEC+ decision turned out to be the right one for supporting the stability of the market and the industry,” he stated.

He went further on that the oil cartel leaves politics out of the “decision-making process, out of assessments and forecasting, and focuses solely on market fundamentals. This enables us to assess situations in a more objective manner and with much more clarity and this in turn enhances our credibility.”

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