• 4 minutes "Natural Gas Trading Picks Up Considerably Amid High Volatility" by Charles Kennedy - ...And is U.S. NatGas Futures dramatically overbought at the $6.35 range?
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 5 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days Revisiting: "The U.S. Grid Isn’t Ready For A Major Shift To Renewables" from March 2021 by Irina Slav at OILPRICE
  • 22 hours What China is Learning from Russia's War in Ukraine and its Consequences
  • 6 days How cheap Chinese tires might explain Russia's 'stalled' 40-mile-long military convoy in Ukraine
  • 24 mins Natural Gas is the Cleanest and most Likely Source of Energy to Fuel the World.
  • 2 days Failure To Implement Russian Oil Ban Could Send Oil Crashing To $65
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

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

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