Saudi Arabia no longer swing producer, OPEC+ plays this role: Minister
05/07/2023
Argaam
Minister of Energy Prince Abdulaziz bin Salman
Saudi Arabia is no longer the swing oil producer, but OPEC+ is currently playing this role, said Minister of Energy Prince Abdulaziz bin Salman.
"We must continue to face the challenges facing the energy markets," the minister told the eighth OPEC International Seminar.
Russia's oil production cut, which was announced this week, was voluntary, the minister said, noting that this cut will be from Russia's oil exports, which will have a greater impact.
OPEC+ looks for sound ways to deal with the current market situation, and the organization mainly relies on transparency, the minister said.
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