Home Saudi Energy Minister: OPEC+ must be prepared to act in accordance with market requirements

Saudi Energy Minister: OPEC+ must be prepared to act in accordance with market requirements

Published date: 17 Nov. 2020 | 14:32

“We are seeing a good oil demand recovery in China and India,” Saudi Arabia’s energy minister Prince Abdulaziz bin Salman said on Tuesday, as reported by Reuters.

The minister also thanked the United Arab Emirates and Angola for good compensation levels with oil output cuts. “OPEC+ must be prepared to act in accordance with market requirements,” bin Salman added.

Market reaction

Crude oil prices edged lower following these remarks and the barrel of West Texas Intermediate was last seen losing 1.42% on the day at $40.85.

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.

View all posts by FX Street

WARNING: The content on this site should not be considered investment advice and we are not authorised to provide investment advice. Nothing on this website is an endorsement or recommendation of a particular trading strategy or investment decision. The information on this website is general in nature, so you must consider the information in light of your objectives, financial situation and needs. Investing is speculative. When investing your capital is at risk. This site is not intended for use in jurisdictions in which the trading or investments described are prohibited and should only be used by such persons and in such ways as are legally permitted. Your investment may not qualify for investor protection in your country or state of residence, so please conduct your own due diligence or obtain advice where necessary. Crypto promotions on this site do not comply with the UK Financial Promotions Regime and is not intended for UK consumers. This website is free for you to use but we may receive a commission from the companies we feature on this site.