Saudi energy minister indicates OPEC+ will maintain production cuts

Saudi Arabia's energy minister has suggested that production cuts agreed to by OPEC Plus will be maintained, as the world economy still faces uncertainty.

Prince Abdulaziz bin Salman made the suggestion in an interview carried by the country's state-run media on Tuesday. Saudi Arabia leads the group of major oil-producing nations. They agreed last October to reduce output by 2 million barrels a day to support crude prices.

The minister said there is still uncertainty over global economic growth. He noted that while China's economy has just started to rebound, it is still unclear how long it will take. He also said central banks may step up efforts to tame inflation.

The energy minister said the only course of action is to keep production targets unchanged.

Crude oil futures topped 130 dollars per barrel last year on the back of Russia's invasion of Ukraine. Oil prices have recently been on a declining trend, but still ranging between 72 and 83 dollars.