Saudi Prince urged oilmen not to relax

Countries of OPEC + to relax early, thinking about the accelerated increase in oil production, since the pandemic did not end, as evidenced by the recently announced locker in Moscow, said Bloomberg Energy Minister Saudi Arabia Prince Abdel Aziz Ben Salman.

“We can not underestimate the situation, we still have a pandemic COVID-19,” he answered about the demand for oil demand in 2022. – There is still Lokdauna, one of them in Moscow, announced two days ago. Still Limited by the use of kerosene. I’m not saying that the situation is as difficult as before … But we need to be careful to underestimate the situation, “the Interfax reports the words of Saudi minister.

Commenting on the possibility of increasing oil production to at least bring the level of execution of the OPEC transaction + to 100%, and not 115%, that is, a more substantial limitation of production than was planned, Abdel Aziz Ben Salman said: “We still need to do a lot” .

“If you look at the trajectory of 2022 and then an increase in production of 400 thousand b / s each month to September 2022, excluding a possible increase in production in countries such as Iran and Venezuela, talk with experts, and they will tell you By the end of 2022, a huge increase in the commercial oil reserves are expected. This is a reality, and not numbers are eight sources of information, not only analysts of IEA or OPEC, “said the prince.

However, according to him, even if you increase production, you need to understand why, noting that the volume of coal or gas, which can be replaced by fuel oil or oil, is limited.