Saudi Energy Minister continues to preside OPEC+ meeting, pledges oil market stability

Saudi Arabia's Minister of Energy Prince Abdulaziz bin Salman Al-Saud agreed to continue presiding the OPEC+ meeting and vowed to achieve sustainable stability in the oil market, according to a statement from the Organization of the Petroleum Exporting Countries (OPEC).

The move came after the OPEC member states urged the Saudi minister to continue chairing the OPEC+ meeting.

The organization praised the Saudi minister's extraordinary efforts in combatting COVID-19 impacts and achieving stability in the oil market through successfully implementing the OPEC+ goals.

According to data compiled by Argaam, the OPEC+ alliance reached an agreement on Dec. 3 to increase oil production by 500,000 barrels per day (bpd) to 7.2 million bpd as of next January.

The alliance agreed to hold monthly ministerial meetings from January 2021 to assess market conditions and decide on additional production adjustments on a monthly basis, provided that the monthly adjustment does not exceed 500,000 bpd.