OPEC+ Production Targets Reflect Consensus - Saudi Arabia's FM

(MENAFN- Trend News Agency) Decisions on oil output taken by OPEC+ countries reflect consensus in the group and Saudi Arabia judges that its current output policy - that it won't raise production this year - is correct, its foreign minister said on Tuesday, trend reports citing al arabiya .

“We always say that we are committed to a stable market... (the minister of energy) feels the market doesn't need any production changes until the end of the year,” Prince Faisal bin Farhan told reporters in London.

“All decisions in OPEC and OPEC+ are made through very extensive dialogue between all the partners... Every statement I see that is made on the record from all of the partners in OPEC+ reflects that consensus,” he added, referring to members of the Organization of the Petroleum Exporting Countries (OPEC) and others including Russia.

He also played down the idea of a wider divide between Saudi Arabia and the UAE.

“We have a very, very strong, robust partnership between the UAE and the Kingdom. Do we agree on everything all the time? Probably not. But reports of divergence - that are often overdramatized, usually based on unnamed sources - don't understand how deep the relationship is,” he said.

He restated the position of the Saudi energy minister who said last month the current OPEC+ deal on oil output would be locked in until the end of the year.

“We always say that we are committed to a stable market ... (the minister of energy) feels the market doesn't need any production changes until the end of the year,” Prince Faisal said.

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