Saudi Arabia’s new minister of energy Prince Abdulaziz bin Salman said the Kingdom would continue to overcomply voluntarily with oil output cuts agreed by the OPEC+ producer alliance, Reuters reports, as the Saudi Arabia hopes to push the price of oil higher.
The comments from the new minister came after a meeting of ministers from the so-called OPEC+ group of countries, which includes Russia.
Saudi Arabia’s October production would be 9.890 million barrels per day. Discussions on deeper cuts would be tabled until the next OPEC meeting, “adding that there was a clear readiness among OPEC and its allies to be responsive,” Reuters reports.
Oil prices have remained subdued from levels thought to be ideal by the OPEC+ group because of a glut of supply and weak global demand.
Booming shale production helped the United States briefly overtake Saudi Arabia and Russia to become the world’s top oil exporter for the first time earlier this year, adding additional downward pressure on prices by weakening the effect of any OPEC+ supply cuts.