Saudi calls for restrain as oil market recovery far from complete

FILE PHOTO: Saudi Arabia's Minister of Energy Prince Abdulaziz bin Salman Al-Saud speaks via video link during a virtual emergency meeting of OPEC and non-OPEC countries, following the outbreak of the coronavirus disease (COVID-19), in Riyadh, Saudi Arabia April 9, 2020.Saudi Press Agency/Handout via REUTERS

LONDON (Reuters) - OPEC+ oil producers have taken a cautious stance but the market’s recovery is far from complete, Saudi Arabia’s energy minister said on Thursday.

“Last month we called for a cautious and restrained approach and fortunately we were proved right by subsequent events,” Prince Abdulaziz bin Salman said as he opened an OPEC+ meeting.

“The market now realises that the OPEC+ cautious position was the correct course of action... The reality that remains (is the) global picture is far from even and the recovery is far from complete.”

Reporting by OPEC team; editing by Jason Neely