Saudi: OPEC+ to increase production ‘if demand is there’

Energy Minister Prince Abdulaziz Bin Salman said that OPEC+ would increase production “if demand is there.” He indicated that it is too early to say what a new OPEC+ agreement might look like given the market uncertainties.

In an interview to Financial Times on Sunday, Prince Abdulaziz said Riyadh was hoping to work out an agreement with OPEC+, which includes Russia. Governments should encourage the industry to invest in hydrocarbons even as nations switch to cleaner energy sources to ease bottlenecks in production and refinery capacity, the minister stated.

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