Saudi Arabia's Energy Minister, Prince Abdulaziz bin Salman said OPEC and its allies, OPEC+ will continue to be proactive in the uncertainty facing the market at the moment.
This is because, proactive steps and early actions by OPEC+ have previously helped reduce the impact of several shocks experienced by the market.
The oil market has experienced volatile volatility this year, mainly fueled by Russia's war in Ukraine.
In fact, when crude oil soared to triple digits, many government leaders expressed their dismay by urging oil producers to act to bring it down.
However, oil prices gradually declined due to growing concerns over a global economic slowdown.
As a result, OPEC+ announced in October to cut production as it expects the market to experience an oversupply in the fourth quarter and 2023.
Analysts interpreted Prince Abdulaziz's statement as a signal that OPEC is ready to implement cuts in production if necessary.
This is because, OPEC+ is really worried about the expected decline in demand next year which will lead the market to oversupply again.
Looking at the current movement in the crude oil market, Brent futures traded stable at $80 per barrel while the US WTI was positive at $76 per barrel.
