Saudi Energy Minister says phased-in output increases may be frozen 'at any time'

02/06/2024 ِArgaam

Minister of Energy Prince Abdulaziz bin Salman 

Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman said that the declared phased-in increases in oil output may be frozen or reversed at any time.

 

He added that delaying the baseline reassessment until the end of 2025 came amid unfavorable conditions for some member countries, Al Arabiya TV reported.

 

The Minister pointed out that some ministers met in Riyadh to ensure interaction and that the message was thoroughly understood and agreed upon.

 

The discussions among the eight countries implementing the voluntary cuts began two or three weeks earlier, he noted.

 

OPEC+ agreed today, June 2, to extend their oil output cuts from Jan. 1, 2025, to Dec. 31, 2025, according to Argaam's data.

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