OPEC+ alliance to stay for long term, says new Saudi energy minister

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OPEC+ alliance to stay for long term, says new Saudi energy minister

On Monday, the 9th of September 2019, the OPEC kingpin and the second-largest oil producer across the globe, Saudi Arabia’s newly appointed Energy Minister, Prince Abdulaziz bin Salman, 59, half-brother of the kingdom’s crown price Mohammed bin Salman, said that the pact of world’s top oil producing nations would keep working with each other in order to yield a balanced crude oil market, meanwhile easing some tensions of the global policymakers who were fretted that the latest ousting of former energy minister, al-Falih could impact tie-up between the OPEC and OPEC+ nations.

In point of fact, latest comment of Saudi’s energy minister came forth a day after he took over the energy ministry from Khalid al-Falih, while he had been quoted saying to the reporters that there would not be any abrupt change in a near-term outlook on Saudi’s oil policy including strategic considerations likes of reserves, outputs alongside energy consumptions.

Aside from that, adding that the OPEC+ alliance would be staying for a longer-term to benefit its members, Prince Abdulaziz bin Salman said to the reporters over the sidelines of an energy conference in Abu Dhabi, “We have always worked in a cohesive, coherent way within OPEC to make sure that producers work and prosper together.

It would be wrong from my end to pre-empt the rest of the OPEC members,” meanwhile, crude oil prices rose on Monday (September 9th) following his remarks.