OPEC+ Ministers Reject Bearish Reaction to Output Increase
- Prince Abdulaziz reiterates option to pause or reverse hike
- He criticizes bank analysts, media for their reaction to deal
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OPEC+ ministers rejected oil’s bearish reaction to its decision to gradually boost crude production from October and predicted the market will eventually see that the group’s policy is correct.
The alliance remains committed to the stability of the oil market and can react quickly to any changes, ministers from the group’s largest producers said at the St Petersburg International Economic Forum in Russia on Thursday. Saudi Energy Minister Prince Abdulaziz bin Salman reiterated that Sunday’s agreement, like many other OPEC+ deals, retains the option to pause or reverse production changes if necessary.