• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 1 day GREEN NEW DEAL = BLIZZARD OF LIES
  • 7 hours How Far Have We Really Gotten With Alternative Energy
  • 3 days Could Someone Give Me Insights on the Future of Renewable Energy?
  • 2 days e-truck insanity
  • 21 hours An interesting statistic about bitumens?
  • 5 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 7 days Bankruptcy in the Industry
  • 4 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 8 days The United States produced more crude oil than any nation, at any time.
U.S. Shale Oil Production Growth Is Slowing Down

U.S. Shale Oil Production Growth Is Slowing Down

When the illusion of unending…

U.S. Oil and Gas Boom Poses Challenge to Climate Goals

U.S. Oil and Gas Boom Poses Challenge to Climate Goals

Despite renewable energy efforts, the…

Oil Moves Down on Crude Inventory Build

Oil Moves Down on Crude Inventory Build

Crude oil prices moved lower…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

Saudi Oil Minister: OPEC+ Shouldn't Rush To Boost Production

  • Saudi Oil Minister: OPEC+ needs to remain cautious with its approach to oil production adjustments despite rising prices
  • OPEC+ is adding 400,000 bpd to its combined output every month
  • Some members have found it difficult to boost production
Abdulaziz bin Salman

OPEC+ needs to remain cautious with its approach to oil production adjustments despite rising prices, Saudi Arabia’s oil minister Abdulaziz bin Salman told Bloomberg in an interview.

Bin Salman noted that higher production is only justifiable when there is a clear purpose for it, which, according to him, was now absent as utilities switching from gas or coal to oil were doing on a very limited scale.

The energy minister also said he expected a significant increase in combined OPEC+ oil supply by the end of next year, even without the hypothetical return of Venezuela or Iran to international markets, bin Salman also said.

“We don’t take things for granted,” the official said. “We still have Covid, there are still lockdowns,” and jet fuel supply remains constricted. “So, we’re not yet out of the box and we’re not out of the realm of Covid.”

OPEC+ is adding 400,000 bpd to its combined output every month, but some members have found it difficult to boost production, and this has resulted in overcompliance with the voluntary cuts and continued tight supply. However, the cartel has so far resisted calls for a greater boost in output to catch up with demand.

This weekend, Nigeria’s oil minister chimed in with his Saudi counterpart in saying the cartel should not rush into any production boosts as demand remained threatened by Covid flare-ups.

“We have to look at the situation closely before we take action,” Timipre Sylva told Bloomberg in an interview in Riyad. “It’s still very fragile. We must be very cautious before we take the next move.”

“We’ve seen the slow down in China,” the Nigerian official also said. “A lot of people are calling for more oil, but we’re looking at problems in some economies. We know that we haven’t completely opened up yet.”

By Irina Slav for Oilprice.com

ADVERTISEMENT

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News