Saudi Energy Minister Stresses Precautionary Approach to Oil Production Policy

Saudi Energy Minister Prince Abdulaziz bin Salman stated that the Saudi and Russia-led oil producers' alliance, known as OPEC+, is prepared to wait for "real numbers" before adjusting oil production policies amid price volatility. The group has implemented voluntary production cuts, and while a decision on further coordinated action has been delayed, the minister emphasized the importance of a precautionary approach. He also reiterated Saudi Arabia's commitment to addressing climate change and using all sources of energy. The recent conflict between Israel and Hamas has raised concerns about potential impacts on oil markets, but the minister expressed confidence in OPEC+'s ability to handle global challenges.