Saudi Foreign Minister Says OPEC+ Production Targets Reflect Consensus

LONDON, March 7 (Reuters) – Decisions on oil production by OPEC+ countries reflect a consensus within the group and Saudi Arabia believes its current policy of pumping – which will not increase this year – is correct, its foreign minister said on Tuesday.

“We always say that we are committed to a stable market (…) (the Minister of Energy) considers that the market does not need a change in production before the end of the year”, declared the Prince Faisal bin Farhan Al Saud to reporters in London.

“All OPEC and OPEC+ decisions are taken through a very broad dialogue between all partners (…) All the statements that I see and which are in the minutes of all the partners of the ‘OPEC+ reflects that consensus,’ he added, referring to members of the Organization of the Petroleum Exporting Countries (OPEC) and a group of allies led by Russia.

(Reporting by Alistair Smout; Spanish editing by Carlos Serrano)