OPEC hasn’t run out of ideas, Saudi energy minister insists as oil prices slump – By Holly Ellyatt (CNBC) / Feb 25 2020
Key Points
- His comments came amid speculation that there is tension in the alliance, known as OPEC+, over whether to cut oil production further.
- Prices continue to be weighed on by ample supply and falling demand and, lately, fears surrounding the coronavirus and its impact on the global economy.
OPEC and its allied oil-producing nations are still working well together and still have options to try to rebalance global crude markets, Saudi Energy Minister Prince Abdulaziz bin Salman said Tuesday.
“We do communicate with each other, we use every opportunity to talk with each other,” he said, speaking to reporters at the ICCUS conference in the Saudi capital of Riyadh.
“We did not run out of ideas, we haven’t lost our phones and there are always good ways of communicating through conference calls and technology is very helpful.”
His comments came amid speculation that there is tension in the alliance, known as OPEC+, over whether to cut oil production further. Prices continue to be weighed on by ample supply and falling demand and, lately, fears surrounding the coronavirus and its impact on the global economy.
Continue to article: https://www.cnbc.com/2020/02/25/opec-hasnt-run-out-of-ideas-saudi-energy-minister-insists.html
