Saudi Arabia wants to cut oil production: Saudi Arabia says OPEC

RIYADH: The world oil market is now in a state of schizophrenia. The corresponding statement was made by the Minister of Energy of Saudi Arabia, Prince Abdulaziz bin Salman Al Saud,

“Without sufficient liquidity, markets cannot rationally reflect the realities of physical fundamentals and can create a false sense of security at a time when spare capacity is severely limited and the risk of major disruption remains high,” Bloomberg quoted the minister as saying.

According to him, in a sense, "the market is in a state of schizophrenia."

In addition, the minister called on OPEC + to reduce oil production. And this is clearly not like the United States and Western countries.

Earlier it was reported that a significant increase in gas and oil prices is due to a lack of investment in the oil and gas industry. This was announced on Wednesday by the Secretary General of the fuel and energy organization Haytham al-Gais.

In addition, the head of the organization stressed that OPEC's activities are not related to rising energy prices.