OPEC+ expects the growth of commercial oil reserves in the world in December, which will continue in the first quarter, said Saudi Arabian Energy Minister Prince Abdel Aziz bin Salman.
“In December, we will begin to create reserves. In the first quarter reserves will increase, including because production will increase,” the minister said during a press conference following the OPEC+ meeting.
In turn, the Nigerian Oil Minister Timipre Silva believes that the world oil market is not experiencing a shortage of supply, there is no need for OPEC + to urgently react and change its plans.
“We do not look at prices. Instead, we look at supply and demand, and at the moment, there is enough supply on the market,” the minister said during a press conference following the OPEC+ meeting.
According to him, now is “the time to just watch the market,” and the decision made by the alliance is the best possible one at the moment.
OPEC+, following a meeting held on Thursday, decided not to accelerate the increase in oil production and not to deviate from previous agreements, loosening the restrictions by 400 thousand barrels per day in December.