Trying to predict the next move by the OPEC+ oil alliance is futile, Saudi Energy Minister Prince Ab- dul Aziz bin Salman warned global oil markets on Wednesday. Speaking to other ministers and energy policymakers at a forum hosted virtually in Riyadh, he said the world had to learn the lessons of last year’s oil price fluctuations.
“One of these lessons is the fu- tility of trying to predict what is to around the corner, and the best we Pr can do is to increase our prepared- ness and resilience, realizing that collective action is the best way to tackle the challenges ahead, Prince Abdul Aziz said. “And on the subject of predictabil- ity, this also applies .
an attempt to head off speculation in oil markets ahead of a key meet- ing of OPEC+ next month, when the alliance, led by Saudi Arabia and Russia, must decide if it will restore oil supply in the face of un- certain demand.
He advised against any action that might affect the pace of re- covery in global markets. “We are in a much better place than we were a year ago, but I must warn, once again, against complacency,” he said. “The uncertainty is very high, and we have to be extremely cautious.
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