Saudi Energy Minister Prince Abdulaziz bin Salman addresses the opening session of the Middle East and North Africa Climate Week in Riyadh, on Oct. 8, 2023.
Fayez Nureldine | Afp | Getty ImagesThe influential Saudi and Russia-led oil producers' alliance is preventively prepared to wait months for guidance from "real numbers" before adjusting policies amid price volatility in the crude market, the Saudi energy minister said Sunday.
A technical OPEC+ committee, the Joint Ministerial Monitoring Committee, convened Oct. 4 to review market fundamentals and individual country compliance with production obligations.
Oil prices have been a key contributor to global inflation since Moscow's full-scale invasion of Ukraine, especially in Europe and G7 countries, where consumers have lost access to sanctioned Russian barrels.
"We want to demonstrate to the world that we are going to be using every source of energy," Prince Abdulaziz reiterated on Sunday, noting that the kingdom is "dead serious about attending to the issue of climate change.
Persons:
Prince Abdulaziz bin Salman, Fayez Nureldine, preventively, CNBC's Dan Murphy, Prince Abdulaziz, We're, —
Organizations:
Saudi Energy, North Africa Climate, Afp, Getty, Petroleum, OPEC, Energy Watchdog, United Arab Emirates
Locations:
East, North Africa, Riyadh, Saudi, Russia, OPEC, Saudi Arabia, Ukraine, Europe, Paris