Sudan’s energy and petroleum minister on Friday expressed support for comments made by his Saudi Arabian counterpart this week about OPEC’s readiness to intervene to restore balance in the oil market.
OPEC’s de facto leader Saudi Arabia on Monday flagged the possibility of introducing cuts to balance a market it described as schizophrenic.
Sudan energy and petroleum minister Mohamed Abdallah said in a statement his country supports OPEC+ efforts to maintain market stability in the face of distortions and volatility.
He also stressed the importance of the statement “that was made… by the Saudi energy minister about market instability and volatility of prices”.
Sudan, which is a member of OPEC+, also expressed its full support for the mechanism formulated under OPEC+ alliance “which provided the necessary tools, inducing adjusting oil production, to attend to all market challenges”, the statement added.
Iraq, Algeria, Libya, Kazakhstan, Azerbaijan, Venezuela, Congo and Equatorial Guinea have all made similar statements ahead of a September 5 meeting of OPEC+, which unites members of the Organization of the Petroleum Exporting Countries and other producers including Russia.