RIAD (Reuters) – Arab oil and energy ministers said on Sunday that OPEC+ must stick to its current deal.
Iraqi Oil Minister Ihsan Abdul Jabbar said that “for the benefit of the entire energy market, OPEC+ must remain with the current ongoing and sustained agreement”.
Saudi Energy Minister Prince Abdulaziz bin Salman said in Riyadh that focusing solely on renewable energy sources was a mistake and that the world may not be able to produce all the energy needed for the economic recovery from the coronavirus pandemic.
“The pandemic and the ongoing recovery have taught us the value of caution,” said Prince Abdulaziz bin Salman.
He added that the lack of investment has caused energy prices to rise, but that Saudi Arabia continues to invest in production capacity.
(Reporting by Aziz El Yaakoubi)
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