RIYADH, Dec 21 (NNN-SPA) – Saudi Arabia said yesterday that, the Organisation of the Petroleum Exporting Countries (OPEC) and allies, known as OPEC+, keeps politics out of its decision-making process.
Saudi Energy Minister, Prince Abdulaziz bin Salman bin Abdulaziz Al Saud, said, the OPEC+ decisions were based on assessments and forecasts, as well as, focus on market fundamentals.
At the start of the Ukraine crisis, some predicted significant oil supply losses of more than three million barrels daily, which caused panic and the blame on the OPEC+ for not responding to a crisis in a timely manner. But these projected losses did not materialise, Prince Abdulaziz said.
About the OPEC+ decision to cut output in Oct, he said that, it was the right one for supporting stability of the oil market, despite that, it was criticised for being politically driven and risking pushing the global economy into recession.
He said that, politicising statistics and forecasting and using them to discredit the OPEC+ agitate consumers and create confusion in the market.
The Saudi minister said, if it were not for the proactive approach and the pre-emptive steps that the OPEC+ adopted, market shocks in the last few years would have created havoc on the oil market.
Without credibility, markets become more volatile and less attractive for all types of participants. The oil market is no different, he stressed.– NNN-SPA
