Saturday , June 25 2022

Riyadh confirms that “OPEC+” wants to reduce production capacity and Moscow will pump 9.9 million barrels per day this month



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London – “Al Quds Al Arabi” – Agencies: Saudi Energy Minister Prince Abdulaziz bin Salman said at a forum on Thursday that they are committed to the previous agreement of the OPEC + group of oil producing countries to increase production, the latest it has reached. The leftover from the pandemic is gradual as the week seeks to reduce oil production capacity. “We want to make sure we reduce this overcapacity caused by Covid-19,” he added during the forum in Moscow. We want to do this gradually and gradually, and we believe 2022 will be a difficult year.”
Meanwhile, Russian Deputy Prime Minister Alexander Novak said at the forum yesterday that Russia has no problem increasing its oil production and plans to pump 9.9 million barrels per day this month. He added that oil production levels in Russia will depend on the market situation, and the International Energy Agency’s calls to reduce investment in oil and gas projects have nothing to do with reality.
As for Suhail Al Mazrouei, UAE Minister of Energy, he said that the global oil market is at risk from the fluctuations the gas market is currently witnessing if not invested properly. Asked whether the OPEC+ group would be willing to increase production to calm the rise in oil prices, the minister said that OPEC+ producers have the opportunity to do so, but they do not want to overdo it.

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