Prince Abdulaziz bin Salman said that OPEC+ may decide to cut oil production next month.
Answering Bloomberg’s written questions, Saudi Arabian Energy Minister Prince Abdulaziz bin Salman announced that the oil market is becoming more and more disconnected from practice.
Stating that excessive volatility and lack of liquidity are shaking market to its core, Prince Abdulaziz stated that OPEC+ may have to take action regarding this situation. He said that futures prices do not reflect the supply and demand, and OPEC+, which will meet next month, may decide to cut production.
Prince Abdulaziz said that they have witnessed volatility in the recent period disrupt the basic functions and stability of the oil markets.
