Saudi Energy Minister: Crown Prince led key talks to achieve OPEC+ 9.7 mln bpd cut

Saudi Arabia’s Crown Prince Mohammed bin Salman headed many key negotiations which led to OPEC+ finally agreeing on a deal to cut oil output by nearly 10 million barrels per day (bpd) on Sunday, Saudi Energy Minister Prince Abdulaziz bin Salman said in an interview with Al Arabiya.

Prince Abdulaziz said that the Kingdom had tried for some time to convince some major oil producing nations to cut their oil output.

“The Crown Prince spearheaded many major negotiations… On March 6, we were trying to cut the output by 1.5 million bpd… and today.. we are in a different situation, we reduced the output by nearly 10 million bpd,” said Prince Abdulaziz.

He said the G20 countries have agreed to establish a team to monitor the energy markets and has the authority to take decisions to strengthen the markets.

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Earlier, OPEC+, the group composed of OPEC, Russia and other oil producing nations, had successfully concluded a deal to cut oil output by nearly 10 million barrels per day (bpd), which amounts to 10 percent of global supply, after a compromise with Mexico, during the virtual extraordinary meeting on Sunday.