Saudi Arabia’s energy minister Prince Abdulaziz bin Salman told Energy Intelligence in an interview on Tuesday the OPEC+ alliance will stick until the end of the year to production cuts agreed in October.
"The NOPEC bill does not recognize the importance of holding spare capacity and the consequences of not holding spare capacity on market stability,” he said.
The prince said price caps whether imposed on a country or a group of countries would lead to "individual or collective counter-responses with intolerable consequences in the form of massive volatility and instability." The Group of Seven Countries, the European Union and Australia implemented the price cap on seaborne cargoes of Russian oil on Dec. 5, setting it at $60 a barrel. Russia has said it would cut 500,000 barrels per day of supply from March.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
App Launch: ALINK.AI's Decentralized Marketplace for Artificial General Intelligence | HackerNoonALINK AI, a US-based project, recently announced its latest progress in creating a blockchain-based open and decentralized marketplace for AGI. - cc: ALINK_AI zexprwire pressrelease decentralization
Read more »
Purdue University changing the view of Artificial IntelligenceFor decades, speculation about AI has been reserved for science fiction movies. AI is getting smarter, giving us a better idea of what will be possible in the future.
Read more »
Mundelein candidate who slighted different races' intelligence resumes his campaignA Mundelein village board candidate who dropped out of the race after being criticized for comments he made about people of different cultural backgrounds has decided to re-enter the contest.
Read more »
Opinion | Ex-intelligence officials challenge the Hunter Biden witch huntOpinion by Jennifer Rubin: Ex-intelligence officials challenge the Hunter Biden witch hunt
Read more »
OPEC raises Chinese oil demand growth view, flags econ risksOPEC on Tuesday further raised its forecast for Chinese oil demand growth in 2023 due to the relaxation of the country's COVID-19 curbs, although it left the global total steady citing potential downside risks for world growth.
Read more »