According to Prince Abdulaziz bin Salman, Saudi Arabia’s energy minister, oil markets ‘require hand on the tiller’.
“Until the evidence of the recovery is undeniable, we should maintain this cautious stance,” he told ministers ahead at the monthly meeting.
Adding, “For most part, the market is on a stable footing and stocks continue to draw down. In some parts of the world, such as the US and the UK, the rollout of vaccines has been very effective.”
He urged the OEC+ producers’ alliance to exercise caution ahead of a key meeting to decide oil output levels for 23 members over the coming month, which is considering whether to add back 500,000 barrels a day to the global market.