The OPEC+ deal on oil output cuts could be adjusted as it has been in the past if there is consensus among members of the informal producers' group, Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman told a conference on Monday.
"We did tweak and I believe with consultation with our friends, some of them are present here and some of them are not, but I know how heartily they are committed to the principle of tweaking," he told the ADIPEC conference.
The Saudi minister was commenting after being asked whether OPEC+ - which groups OPEC states, Russia and other producers - would keep existing cuts of 7.7 million barrels per day (bpd), rather than easing them from January to 5.7 million bpd.
"I would go and argue it could be a tweak even beyond what the so-called analysts are talking about," the minister said.
But he said the oil market was still stable despite soaring Libyan oil output and new lockdowns.
“With all the new spread (of the coronavirus) that is happening in Europe, and commensurate with that we have the welcomed return of Libya’s production, and yet we’re maintaining the market in a sustainable stable environment today,” he said.
OPEC+ will meet on November 30 and December 1.
Oil prices were trading more than 3% higher at $40.78 a barrel on Monday.
Libyan oil production has soared to over 1 million barrels per day (bpd) from around 100,000 bpd in early September following the lifting of an eight-month blockade.
Production is expected to rise even further to 1.3 million bpd in the next few weeks, faster than analysts had been expecting.
