Saudi Arabia says OPEC flexible and can adjust policy if needed

OPEC remains flexible and can alter its oil-production strategy if market conditions change, according to Saudi Arabia’s energy minister.

“We are flexible enough to adjust OPEC decisions if needed,” Prince Abdulaziz bin Salman said at a conference in the kingdom on Monday.

He reiterated that the group’s policies are determined by technical studies of market balances and that politics are excluded.

Last week, the minister said OPEC+ — a 23-nation alliance between the Organization of the Petroleum Exporting Countries and partners such as Russia — will stick to its current production quotas for the rest of 2023.

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