Saudi Energy Minister Abdulaziz bin Salman Al Saud told media on Monday that the Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, are planning on a new agreement beyond 2022, the Saudi Press Agency reported.
"Soon we will start working on a new agreement beyond 2022 which will build on our previous experiences, achievements, and successes. We are determined to make the new agreement more effective than before," he said in an interview with Bloomsburg, according to the report.
The minister said volatility and thin liquidity send erroneous signals to markets at times when clarity is most needed, and OPEC+ has "the commitment, the flexibility, and the means" within the existing mechanisms of the Declaration of Cooperation (DoC), a landmark agreement, to deal with such challenges, including cutting production at any time and in different forms.
The potential of the DoC has been clearly and repeatedly demonstrated in 2020 and 2021, he said.
Editor: Leon
