The Saudi Energy Minister, Prince Abdulaziz bin Salman, said that the agreement to cut production will continue until April 2022, and that the oil market has not yet emerged from the Corona tunnel. < / p>

According to Arabiya Net, the minister confirmed that by agreement an explicit text would be that there would be a meeting in December to consider extending the agreement until 2022.

He added that we still have procedures in place that will continue in the coming period.

He said: As part of the recovery system until the epidemic is over, we have decided that there will be a monthly meeting by the Oil Market Supervision Authority.

He said that after the OPEC + meeting on March 6, he felt very distressed, indicating that that night was difficult after leaving without agreement.

He continued: We are tired of being volunteers and bearing the burdens of others ... The cooperation that we reached with OPEC + proves that we have made a correct sovereign decision.

He explained that Russia has had a significant and assigned role in the implementation of the agreement, as well as that it is the co-chair of the OPEC Plus gathering. He continued: Who would have believed that Russia, which did not want to reduce 330 thousand barrels, is now reducing 2.5 million barrels.

He pointed out that there was a difference with Russia and not a dispute over the effects of Corona in the past. He explained that pre-emptive procedures are always less expensive, because subsequent dealing has a higher cost.

Regarding the Kingdom of Saudi Arabia’s dealings on the oil market after last March’s meeting, he said that the decision was not easy, but it was deliberate.

He pointed out that everyone realized that market economies, at this time, lead to negative prices, as happened in April. He stated that the Kingdom, along with the Emirates and Kuwait, possesses the possible tools to take measures that restore directions and correct convictions.

Major producers agreed yesterday to cut record oil production cuts starting next month as the global economy slowly recovered from the Corona virus pandemic, and as of August, it is set to shrink The cuts officially to 7.7 million barrels per day until next December.

But Prince Abdulaziz bin Salman made it clear, in previous statements, that the actual cuts will be greater because the countries that produced the excess in last May and June will implement additional cuts in August and September to compensate, so the total cuts will be between 8.1 million and 8.3 million bpd ...