OPEC Chief Says New Saudi Energy Minister Pledged To Keep Oil Policy Unchanged
ABU DHABI (UrduPoint News / Sputnik - 11th September, 2019) New Saudi Energy Minister Prince Abdulaziz bin Salman has assured the Organization of the Petroleum Exporting Countries (OPEC) of his commitment to stick to his predecessor's oil policy and cooperate with other major oil producers, OPEC Secretary General Mohammed Barkindo said on Tuesday.
Previous Energy Minister Khalid Falih, who was responsible for keeping the OPEC+ deal on output cuts in place for almost three years, was fired last weekend. The news came as a surprise for most industry officials who questioned whether Riyadh would stick to the OPEC+ agreement.
"Prince Abdulaziz bin Salman reassured me yesterday when I met with him that there would be no change in the policy in the Kingdom of Saudi Arabia - oil policy, policy towards OPEC and OPEC-non-OPEC partnership.
He's going to continue where his predecessor Khalid al-Falih left," Barkindo told reporters on the sidelines of the World Energy Congress in Abu Dhabi, when asked to comment on the Saudi ministry's reshuffle.
The OPEC+ deal on the reduction of oil production has been in force since the beginning of 2017. It has since been repeatedly extended, and its conditions keep changing. For the first half of 2019, the combined production reduction was agreed in the amount of 1.2 million barrels per day from the October 2018 level. In July, OPEC+ extended the agreement on the same terms until April 2020.