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Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz confirmed that the OPEC+ agreement in October 2022, which lowers production by two million barrels per day (bpd) until 2023-end, will continue until December 23, 2023.
The minister said in an interview with Energy Intelligence that the impact of the NOPEC bill and extending the price cap are very different, but their potential impacts on the oil market are similar.
He stressed that such policies will inevitably exacerbate market instability and volatility, and would negatively impact the oil industry.
“If a price cap is imposed on Saudi oil exports, we will not sell oil to any country that imposes a price cap on our supply, and we will reduce oil production, and I would not be surprised if others do the same,” Prince Abdulaziz indicated.
