Saudi Energy Minister Prince Abdulaziz bin Salman said on Tuesday he does not see a need to hold an OPEC+ meeting in May-June if there was no agreement on what measures should be taken to deal with the impact of the coronavirus on oil demand and prices.
“I fail to see the wisdom for holding meetings in May-June that would only demonstrate our failure in attending to what we should have done in a crisis like this and taking the necessary measures,” the minister told Reuters, responding to comments made by his Russian counterpart on Tuesday.
Prince Abdulaziz said every oil producer needs to maintain its market share, after Russian energy minister Alexander Novak earlier was quoted as saying that discounts offered by Saudi Aramco for its oil have led to panic in the market.
“In a free market every producer needs to demonstrate its competitiveness, preserve and increase its market share,” the Saudi minister added.
His comments came after Saudi Aramco said it will raise its crude supply, which includes oil to its customers inside the Kingdom and abroad, to 12.3 million barrels per day (bpd) in April.
April's crude supply will be "300,000 barrels per day over the company’s maximum sustained capacity of 12 million bpd," CEO Amin Nasser said in a statement.
