OPEC+ members leave politics out of the decision-making process and out of their assessments and forecasting, Saudi energy minister Prince Abdulaziz bin Salman bin Abdulaziz said in an interview with the Saudi state news agency on Tuesday, APA reports citing English Alarabiya.
“As I have emphasized multiple times, in OPEC+ we leave politics out of our decision-making process, out of our assessments and forecasting, and we focus solely on market fundamentals. This enables us to assess situations in a more objective manner and with much more clarity and this in turn enhances our credibility,” Prince Abdulaziz told SPA.
He used the Ukraine crisis as an example, saying that at its start “some predicted large supply losses of more than 3 million bpd which caused panic and contributed to extreme volatilities. At that time, many accused OPEC+ of being behind the curve and not responding to a crisis in a timely manner. But these projected losses did not materialize.”
The minister also referenced the OPEC+ decision to cut output in October and how it was heavily criticized.
“OPEC+ decision was described as ‘very risky’, ‘unfortunate’, and there were suggestions that it was driven by political motivations and that the decision would tip the global economy into recession and would cause harm to developing countries. Again, in retrospect, the OPEC+ decision turned out to be the right one for supporting the stability of the market and the industry,” he said.