Home Industry Energy Saudi Arabia says OPEC flexible and can adjust policy if needed The kingdom’s energy minister reiterated that the group’s policies are determined by technical studies of market balances by Bloomberg February 22, 2023 OPEC remains flexible and can alter its oil-production strategy if market conditions change, according to Saudi Arabia’s energy minister. “We are flexible enough to adjust OPEC decisions if needed,” Prince Abdulaziz bin Salman said at a conference in the kingdom on Monday. He reiterated that the group’s policies are determined by technical studies of market balances and that politics are excluded. Last week, the minister said OPEC+ — a 23-nation alliance between the Organization of the Petroleum Exporting Countries and partners such as Russia — will stick to its current production quotas for the rest of 2023. Read: OPEC Fund, Africa Finance Corporation sign $50m loan to finance infrastructure development Tags energy OPEC Saudi Arabia 0 Comments You might also like ADNOC Gas, EWEC partner to unlock UAE’s energy potential IMF slashes 2025 Saudi Arabia growth forecast on extended oil production cuts UAE’s Masdar forays into Philippines with $15bn clean energy project ADNOC Gas explores tech to turn methane into graphene, hydrogen
