Saudi Energy Minister: OPEC+ should be ready for possible additional action

OPEC+ should be ready for possible additional actions in the oil market.

Report informs citing the Interfax, Energy Minister of Saudi Arabia Prince Abdulaziz bin Salman said at a press conference following the meeting of OPEC+.

"I think today the reason behind our decision is that we are trying to prevent an increase in commercial inventories in the next quarter. We agreed to hold an extraordinary meeting in March. We are trying to convey to you, collectively demonstrate our willingness to take any necessary measures that may be needed at that time. I think, in general, we are ready to continue our cooperation and to monitor the situation in the market," the Saudi Prince stressed.

According to him, the price of oil is influenced by a number of factors that fall and rise - "I'm talking about the dynamics of trade, economic growth."

"We agreed today to make the market understand that we are ready to respond appropriately," the Minister said.