ST PETERSBURG: OPEC+ can pause or reverse oil production increases if the market weakens, the Saudi energy minister said on Thursday, adding he disagreed with the bearish view of US bank Goldman Sachs of OPEC+’s deal on Sunday.

Goldman Sachs declined to comment.

Some OPEC+ members, including Russia, agreed on Sunday to phase out voluntary cuts of 2.2 million barrels per day over a year beginning from October. OPEC+ also agreed to maintain other cuts amounting to 3.66 million bpd until end-2025.

OPEC+ extends deep oil production cuts into 2025

Oil has declined this week, with benchmark Brent crude touching a four-month low below $77 a barrel on Tuesday, although on Thursday prices had recovered to around $79.

Many analysts said the meeting was bearish for oil prices as it called for boosting supply. Goldman Sachs was one of the first to issue a short, two-page report on June 2, headlined “Bearish phase out of extra voluntary cuts”.

Speaking at Russia’s Economic Forum in St Petersburg, which he attended along with a number of other top ministers and officials from OPEC+, Saudi Energy Minister Prince Abdulaziz bin Salman said Goldman Sachs had used incorrect figures to come to its conclusions.