Al-Marsad newspaper – agencies: Energy Minister Prince Abdulaziz bin Salman said that the first cut in oil supplies from the coalition in more than a year shows that the alliance is serious about managing global crude markets and is ready to take proactive measures.
“This decision is an expression of the will that we will use all the tools in our alliance,” he said in an interview with “Bloomberg” on Monday, after the “OPEC +” alliance agreed to cut production targets by 100,000 barrels per day in October.
“The simple adjustment shows that we will be attentive, proactive and active in supporting the stability and effective functioning of the market for the benefit of market participants and the industry,” he added.
The reduction came as a surprise to many traders who expected that the Organization of Petroleum Exporting Countries “OPEC” and its partners would keep production stable with oil prices rising above $90 a barrel.