Saudi Energy Minister: Energy Agency data leads to market imbalance

Saudi Energy Minister Prince Abdulaziz bin Salman confirmed on the sidelines of the international OPEC conference that the Kingdom has made a voluntary cut because it is needed, noting that OPEC + is looking for a new recipe to deal with the current market situation.

In order to enhance transparency, States' production had been outsourced in the oil reduction agreement.

Saudi Energy Minister Prince Abdulaziz bin Salman explained that the reduction of Russian exports was a voluntary decision.

The Saudi Minister was speaking at an interactive session at the International Conference "OPEC" in Vienna in its eighth edition, entitled "Towards a Sustainable and Inclusive Energy Transition", to discuss global energy security under governments' energy transformation plans and investment challenges facing the sector.

The Kingdom was no longer the "most likely producer" but OPEC + played that role, stressing that the challenges facing energy markets should continue to be met.