Energy minister says market fluctuation poses real challenge

Energy Minister Prince Abdulaziz bin Salman said that energy market fluctuation poses a real challenge as it hinders oil companies from planning.

Speaking at the 2020 International Petroleum Technology Conference (IPTC) in Dhahran, he added that it is too early to talk about whether the Organization of the Petroleum Exporting Countries (OPEC) and its allies OPEC+ would deepen oil production cut during their meeting in March.

Prince Abdulaziz bin Salman further explained that the OPEC+ agreement is under review, and any decision will be based on oil stocks.

In addition, energy minister noted that lower oil prices are negatively affecting the energy sector, adding that the global energy sector is seeking to ensure market stability, and sustainable growth of supply and demand.

He also said the industry seeks to produce oil and gas in an efficient and environmental-friendly manner.

Elsewhere, Prince Abdulaziz bin Salman said that the US is a strategic partner to the Kingdom and plays a key role in enhancing global security.