OPEC urged “vigilance and caution” on its members as it reduced estimates for the amount of crude the group will need to pump in the coming months.
The Organization of Petroleum Exporting Countries now sees a finely-balanced market in the first quarter of 2023, instead of the deficit implied by its forecasts a month ago. The group’s latest figures follow an 11 per cent slump in crude prices last week on concerns over weaker fuel consumption.
OPEC and its partners have only just implemented a 2 million barrel-a-day supply cut, which was announced in October. Secretary-General Haitham Al-Ghais said over the weekend that the OPEC+ pact is working by keeping world markets in equilibrium. The latest downgrade to demand offers further justification for that output reduction, which initially drew fierce criticism from the White House.
The 23-nation alliance, jointly led by Saudi Arabia and Russia, decided earlier this month to keep supply levels unchanged in early 2023, giving the group more time to gauge the impact of its cuts. Saudi Energy Minister Prince Abdulaziz bin Salman has stressed the coalition is prepared to intervene whenever necessary, and an influential ministerial committee will meet again in February, with the power to call extraordinary OPEC+ meetings.
المملكة العربية السعودية أحدث الأخبار, المملكة العربية السعودية عناوين
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