Saudi energy minister hails OPEC+, says mitigates 'cynical' spectators

Quantum Commodity Intelligence – Saudi Arabia's energy minister said Wednesday that OPEC+ cooperation remains strong, while the alliance will do "whatever necessary" to support the market.

Speaking at the 8th OPEC International Seminar in Vienna, Prince Abdulaziz bin Salman said recently announced production cuts were an example of strong collaboration.

"Part of what we have done with the help of our colleagues from Russia was also to mitigate the cynical side of the spectators on what is going on between Saudi and Russia on that specific matter," Prince Abdulaziz said, referencing an additional combined cuts of 1.5 million bpd in August.

Prince Abdulaziz told the seminar that OPEC+ would do "whatever necessary" to support the market, and while did not elaborate, some analysts have suggested that current reductions could be extended for at least the balance of Q3 and possibly into Q4

In May, the minister took aim at short-sellers, repeating his now infamous "ouching" comment.

Also attending Wednesday's OPEC seminar, UAE Suhail Al Mazrouei told reporters his country would not be contributing to the new round of cuts as the UAE was already producing at well below capacity.

"These (latest cuts) are enough to assess the market and look at the market balance," Mazrouei said.

Mazrouei also raised the potential for more oil producing countries to join the OPEC+ alliance, boosting the group's share of the global market: "Imagine if we are 60% of the producers or 70% of the producers, we would do a better job."

Several outlets including Reuters, Bloomberg and the Wall Street Journal were barred from the formal OPEC event, parts of which were broadcast online.