OPEC+ meeting is useless without agreement on handling oil market crisis: Energy Minister

Energy Minister Prince Abdulaziz bin Salman said on Tuesday that there is no need to hold an OPEC+ meeting in May-June, without reaching an agreement on what measures should be taken to deal with the impact of the coronavirus on oil demand and prices.

“I fail to see the wisdom for holding meetings in May-June that would only demonstrate our failure in attending to what we should have done in a crisis like this and taking the necessary measures,” he told Reuters.

His comment came in response to his Russian counterpart Alexander Novak who was quoted as saying that discounts offered by Saudi Aramco for its oil have led to panic in the market.

The Saudi minister added that all oil producers need to maintain their market share.

“In a free market every producer needs to demonstrate its competitiveness, preserve and increase its market share,” he stressed.