The move raised questions about Saudi Arabia’s view on future demand as the world shifts toward low-carbon energy, and was also seen as a concession there’s adequate oil supply from competitors including US shale producers.
Prince Abdulaziz bin Salman
OPEC+ announced a surprise oil production cut of more than 1 million barrels a day, abandoning previous assurances that it would hold supply steady and posing a new risk for the global economy.
Saudi Arabia will be a "model" for the energy transition at the COP27 climate summit, the country's energy minister told Energy Voice in Aberdeen today.
Saudi Arabia urged fellow members of OPEC+ to “keep our powder dry” before crucial talks about whether to increase oil production next month.