Saudi Arabia: OPEC + is moving towards reducing oil production cuts to recover demand – economic – the world today


Saudi Energy Minister Prince Abdulaziz bin Salman said today, Wednesday, that OPEC + is moving towards the next stage of the agreement to reduce oil production, as the group is expected to reduce the cuts thanks to the recovery of oil demand.

The minister also stated that the actual oil cuts will be greater than 7.7 million barrels per day thanks to a compensation plan formulated by countries that had a surplus production in previous months.

The minister made his remarks ahead of a meeting of an important ministerial committee in the OPEC + bloc and said that Saudi exports will not increase in August, as the additional barrels will be consumed locally.



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