OPEC + should maintain the current agreement on oil production, which provides for an additional 400,000 barrels per day each month, Arab oil and energy ministers said on Sunday at the 2022 International Petroleum Technology Conference (IPTC).
Iraqi Oil Minister Ihsan Abdul Jabbar said “for the benefit of the entire energy market, OPEC + must remain committed to this sustainable agreement” to avoid surprises.
Saudi Energy Minister Prince Abdulaziz bin Salman said focusing only on renewable energy sources was wrong and that the world might not be able to produce all the energy needed for economic recovery from the pandemic.
“The pandemic and the ongoing recovery have taught us to be careful,” he said.
Kuwaiti Oil Minister Mohammed al-Fares said OPEC + was very sensitive to market reactions.
The conference was attended by the Ministers of Energy of Saudi Arabia, the United Arab Emirates and Bahrain, the Minister of Oil of Kuwait and the Minister of Oil of Egypt.
Source: Capital
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