Saudi Arabia calls on OPEC + partners to pursue a prudent mining strategy

Saudi Arabia demands that OPEC + be careful in deciding its mining strategy. "Uncertainty about the pace of economic recovery has not diminished," Saudi Arabian energy minister Abdulaziz bin Salman said on Thursday at an online meeting of 23 alliance nations. "Before we take any further action, we should be sure that the beam of light we see in front of us is not the reflector of a high-speed train crashing on us." Russian Energy Minister Alexander Novak stressed that the market situation is currently significantly better than a few months ago. However, he also admitted that the further course of the pandemic and its economic consequences are difficult to predict. OPEC + representatives are discussing mining policy for the coming months. The Alliance last reduced oil production in January to stabilize the market. Indeed, black gold prices have risen sharply since the beginning of the year. The optimism caused by the vaccination that the economy will recover sharply in the second half of the year also contributed to this, said Commerzbank analyst Carsten Fritsch. He warned that a possible disappointment of these hopes could cause prices to fall again. The OPEC + group consists of the Organization of the Petroleum Exporting Countries (OPEC), led by Saudi Arabia, and other producers, led by Russia. The alliance accounts for about 45 percent of global oil production.