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RIYADH: Oil markets still have not existed from the 鈥楥orona tunnel鈥� and the OPEC+ production cut deal may extend to the end of 2022, Saudi Energy Minister Prince Abdulaziz Bin Salman said in an interview with Alarabiya.
He said that a monthly meeting by the Joint Ministerial Monitoring Committee (JMMC) will be held every month until the oil market sees a full recovery from the pandemic.
鈥淭he deal will continue until April 2022, it鈥檚 clearly mentioned in the agreement that a further meeting to be held in December (2021) to discuss the need of extending the deal until the end of 2022鈥� he said.
He stressed the importance of compliance with agreed quotas from all members, adding that without compliance, countries that fulfilled their commitments may not agree to cut their production subsequently.
The minister described the decision that the Kingdom has taken last March after the collapse of OPEC+ negotiations to extend the oil cuts as "tough but the right decision."