Riyadh called quarantine measures a problem for oil market recovery

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COVID-19 vaccine and growing demand in China and India give hope to the oil market, but quarantine measures are delaying the recovery. This was announced by Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman on Tuesday, November 17.

During his welcome speech before the meeting of the Ministerial Monitoring Committee (JMMC), Saudi Arabia’s Energy Minister stressed that OPEC+ countries should be prepared to work together to restore the oil market if necessary.

The Prince of Saudi Arabia expressed his gratitude to Angola and the UAE for having compensated for earlier undercut production.

Earlier, on October 19, Deputy Chairman of the Government of the Russian Federation Alexander Novak (till November 10 – Minister of Energy of the Russian Federation) stated that OPEC+ countries should continue to fully comply with their obligations under the agreement on limitation of oil production as the market is not stable yet.