Saudi Energy Minister: OPEC+ has means to deal with challenges including cutting production
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Citing an interview given to Bloomberg, the Saudi Press Agency (SPA) reported on Monday that Saudi Arabia’s energy minister said that OPEC+ has the means to deal with market challenges including cutting production at any time, in different forms.
“Paper oil market has fallen into a self-perpetuating vicious circle of very thin liquidity, extreme volatility undermining market’s essential function of efficient price discovery,” the minister added. “OPEC+ will start working on a new agreement behind 2022 building on previous successes.”
Crude oil prices rebounded from daily lows on these remarks. As of writing, the barrel of West Texas Intermediate, which dropped to a daily low of $86.25 earlier in the day, was trading at $89, losing 0.8% on the day.
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