Energy leaders leave door open to more cuts as virus spikes
Saudi Arabia’s energy minister said Monday that global energy producers have the ability to tweak an agreement on production cuts that could be extended through the end of 2022, signaling the anticipation of continued weakened demand for oil as the coronavirus pandemic peaks again in Europe and the United States
“OPEC has been and continues to be taking a proactive role,” said Prince Abdulaziz bin Salman during the Abu Dhabi-sponsored ADIPEC energy conference, which is taking place virtually this year.
“We’re keeping our flexibility in our hands,” Prince Abdulaziz said, without committing specifically to how far into the future cuts of 7.7 million barrels of oil a day or more could go on for.
“I don’t put policy lines ahead of reaching out to everybody,” he said.
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