OPEC+ independent organization, faces no external interventions: Saudi energy minister

OPEC+ is an independent organization and faces no external interventions in its decisions, Al Arabiya TV reported, citing Minister of Energy Prince Abdulaziz bin Salman.

On the sidelines of his visit to Azerbaijan, Prince Salman stressed that the organization behaves responsibly and cautiously.

OPEC+ succeeded in providing the oil market with the necessary supplies, the minister said.

Touching on the monthly increases in oil production, he said this depends on the organization's evaluation of the market conditions.

OPEC+ has several tools to manage the market in light of its variables, the minister said, praising the record compliance rate of oil production levels achieved by the organization.

OPEC+ approved, on Jan. 4, to maintain its oil output policy for the upcoming month, thus continuing to challenge the calls for accelerating the pace of supply increases.

The alliance said in a statement that the 24th ministerial meeting of OPEC member states and non-members reiterated their commitment to the plan of raising output by 400,000 barrel per day (bpd) in February 2022, Argaam earlier reported.