On Monday, Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman stated that the OPEC+ oil supply pact could be adjusted for next year as it was in the past.
The Organization of Petroleum Exporting Countries and its non-member oil producer allies (OPEC+) is going to tweak the pact, even beyond analysts’ predictions as the members are committed to the principle.
The minister said that despite the new lockdowns and soaring Libyan oil production excluded from the pact, the oil market remained stable. Yesterday, oil prices rose by more than 3% to USD40.78/barrel. Libyan oil output soared at a faster pace than expected, could hit 1.3 million bpd in the upcoming weeks.
Last week, Algeria, which holds the OPEC presidency, said that it supported rolling over the current cuts, with the next OPEC+ meeting on November 30 and December 1 could assess a six-month extension of the current 7.7 million bpd cuts.
