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Saudi Oil Minister Urges Producer Caution Before OPEC+ Meeting

  • Prince Abdulaziz warns producing countries against complacency
  • Fellow OPEC+ leader Russia has pressed for output increases
Prince Abdulaziz bin Salman

Prince Abdulaziz bin Salman

Photographer: Karim Sahib/AFP/Getty Images

Saudi Arabia urged fellow members of the OPEC+ oil alliance to remain cautious as they prepare to consider further output increases.

Crude prices have rebounded to a one-year high above $60 a barrel in New York as fuel demand recovers and the 23-nation OPEC+ coalition constricts supply. Still, the ongoing pandemic poses a continuing threat to consumption, and oil-output losses in the U.S. caused by freezing storms are unlikely to last.