Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said on Thursday after a committee meeting of OPEC+ in Abu Dhabi that members of the bloc had a debate about reports that US President Donald Trump could ease sanctions on Iran.
OPEC+ will address any supply increases from the flow of Iranian barrels back to the market if sanctions on the country are eased, according to Saudi Arabia's energy minister.
"We are ready to any of these consequential issues that may require us to attend, the will is there, the sense of responsibility is there,” he told reporters at the conclusion of the joint ministerial monitoring committee meeting in Abu Dhabi.
Prince Abdulaziz, who took over as Saudi Arabia’s energy minister on Sunday, said the kingdom would remain committed to its promises to pump below 10 million bpd.
He hinted that deeper OPEC+ cuts could be agreed in the future policy meeting of the group in Vienna in December.
Iran, under US sanctions since November, is exempt from the cuts which amount to 800,000 barrels per day for 11 members of OPEC. Non-OPEC members have also agreed to cut supplies by more than 400,000 bpd.
OPEC+, the alliance led by Saudi Arabia and Russia, has been cutting back 1.2 million barrels per day (bpd) from the markets since the beginning of January in a bid to keep the crude inventory overhang in check.
Russian Energy Minister Alexander Novak, whose country is also party to the production curbs said that the group would evaluate future supply scenarios and take measures if needed.
On Wednesday, oil prices closed in the negative for a second consecutive day as markets phased out geopolitical risk premiums following the dismissal of US National Security Advisor John Bolton as well as the possibility of sanctions easing on Iran.
Press TV and The National contributed to this story.