[1/2] The logo of the Organization of the Petroleum Exporting Countries (OPEC) is seen at OPEC's headquarters in Vienna, Austria December 5, 2018. REUTERS/Leonhard Foeger
CAIRO, Dec 20 (Reuters) – OPEC+ members leave politics out of the decision making process and out of their assessments and forecasting, Saudi energy minister Prince Abdulaziz bin Salman said in an interview with the Saudi state news agency on Tuesday.
The minister added that the OPEC+ decision to cut oil output, which was heavily criticized, turned out to be the right one for supporting the stability of the market and the industry.
Oil prices, which came close to the all-time high of $147 a barrel in March after Russia invaded Ukraine, have unwound most of their 2022 gains.
Brent crude was trading around $80 on Tuesday.
OPEC and its allies, known as OPEC+, have been boosting output for most of 2022 as demand recovered.
But the group on Dec. 4 agreed to stick to an October plan to cut output by 2 million barrels per day (bpd) from November through 2023.
"Playing politics with statistics and forecasting and not maintaining objectivity often tend to backfire and result in loss of credibility," the energy minister said.
In the face of a wide range of uncertainties, OPEC+ has no choice but to remain pro-active and pre-emptive, he said.
Our Standards: The Thomson Reuters Trust Principles.
Japan Organization for Metals and Energy Security (JOGMEC) has renewed a deal with Saudi Aramco for crude oil storage on the island of Okinawa for another three years, the state-run Japanese company said on Thursday.
Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers.
Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology.
The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs.
The industry leader for online information for tax, accounting and finance professionals.
Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile.
Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts.
Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks.
All quotes delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2022 Reuters. All rights reserved
OPEC+ leaves politics out of decisions, Saudi Energy Minister says – Reuters
