Tag Archives: Abdulaziz bin Salman Al Saud

Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman said the OPEC+ countries that had produced beyond the level stipulated by the crude oil output-cut agreement have pledged to compensate during the period from October to December. Speaking at the opening of an OPEC+ ministerial monitoring committee (JMMC), Prince Abdulaziz …

Saudi Arabia’s Minister of Energy, Prince Abdulaziz bin Salman Al Saud, stated that the Kingdom seeks to be a leader in finding solutions for the green energy future. “We will not be a part of the problem, nor will we accept to be just a part of the solution. Our …

Energy ministers from the G20 countries under the presidency of Saudi Arabia will meet virtually on Sunday to discuss volatile oil markets and plans for a “green” recovery from the economic shock of the COVID-19 pandemic. The Kingdom is strongly backing a “circular carbon economy” strategy to remove harmful greenhouse …

Global inventories of crude oil declined by 45 million barrels in August after a 34-million-barrel reduction in July, Russia’s Energy Minister Alexander Novak said in a TV interview, Oilprice reported. “Reserves accumulated in the 2nd quarter are gradually shrinking, and we see that July and August were the first two …

Saudi energy minister Prince Abdulaziz bin Salman delivered yet another warning to OPEC+ compliance laggards, saying at a Sept. 17 monitoring committee meeting that failing to execute pledged production cuts was undermining the alliance’s efforts to rebalance the oil market. “Repeated promises that are not carried through in a timely …

It was meant to be the week when OPEC nations gathered in Baghdad to celebrate the cartel’s six decades as a dominant force in global oil markets. Instead, the Organization of Petroleum Exporting Countries and its allies will convene online, and reflect on whether the coranavirus has thwarted their best …

Saudi Arabia’s energy ministry is to offer assistance so that Neom, a $500 billion high-tech development that includes tourism and sport facilities on the Red Sea, can be completed on schedule, minister Abdul Aziz bin Salman said on Sunday. The 26,500 square km (10,230 square mile) development, first revealed in …

Fearing slow oil demand recovery, the Organization of Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, during a meeting on August 19, pushed major oil producing countries pumping above output targets to cut more in August-September. During the 21st Meeting of the Joint Ministerial Monitoring Committee …

Saudi Arabia redoubled its crusade for OPEC+ compliance Aug. 19, laying pressure on the alliance’s quota violators to make up for their excess crude production with deeper cuts in the coming weeks, in the name of fairness and market stability. Nigeria and Iraq, two of the biggest compliance laggards, received …

The outcome of the meeting of the OPEC+ Joint Ministerial Monitoring Committee (JMMC) on Wednesday was as predicted. OPEC+ — an alliance of the members of the Organization of the Petroleum Exporting Countries and 10 non-OPEC allies, led by Russia — will continue on the trajectory agreed in April, when …