Speaking at a televised government meeting, he also said his country had cut oil production and it was at the “required level”.
“But all of our decisions, including those related to voluntary production cuts, are tied specifically to the need to maintain a certain price environment in global markets, and to dialogue and communication with our OPEC+ partners,” he added.
The OPEC+ alliance, which includes the Organization of the Petroleum Exporting Countries (OPEC) and other allies including Russia, agreed to cut output at the end of 2022 to support the market as the economic outlook deteriorated, weighing on the costs.
In a surprising move in early April, Saudi Arabia and other members of the OPEC+ alliance announced a further oil production cut of around 1.2 million barrels per day.
This contributed to the sharp rise in oil prices, but these gains were erased by fears of a global economic slowdown.
The Organization of the Petroleum Exporting Countries (OPEC) this month kept its 2023 global oil demand forecast unchanged for the third month, attributing that potential growth in Chinese demand would offset economic risks elsewhere, such as those related to the US debt ceiling.
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