Oil cut deal could be extended to 2022-end, says Saudi energy minister

13/11/2020 Argaam

Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said that the agreement to reduce oil production may be extended to the end of 2022, highlighting the leading role of the Organization of the Petroleum Exporting Countries (OPEC).

 

The agreement took into account what could happen, Prince Abdulaziz added on the sidelines of ADIPEC 2020, noting that the deal parties have agreed to brace for the worst.

 

The output cut deal was tweaked in the last few months, in line with market conditions. “We could tweak this agreement subject to what we see in the future," Prince Abdulaziz added.

 

Prince Abdulaziz said that finding a coronavirus vaccine will be the best solution, hoping this to help economies return to normal conditions.

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