New COVID-19 variant ‘unpredictable’ development, says Saudi energy minister

04/01/2021 Argaam

Minister of Energy Prince Abdulaziz Bin Salman

Minister of Energy Prince Abdulaziz Bin Salman said that the new variant of COVID-19 is a worrying and “unpredictable” development, adding that the arrival of several vaccines is “a very welcome sign."  

 

These vaccines are a key factor to bringing about economic recovery, leading to a sustained improvement in demand for oil. 

 

Speaking at the 13th OPEC and non-OPEC Ministerial Conference on Monday, Jan. 4, 2021, Prince Abdulaziz reiterated that the state of uncertainty persists globally and demand for oil is still below the levels seen early last year.   

 

Moreover, Prince Abdulaziz urged caution, stating that “our job is not yet done” and there was a need to remain “vigilant and proactive,” as well as “flexible to respond to events as they occur.”   

 

“We should make every effort to achieve both full compliance and full compensation,” the Saudi minister added.

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