Saudi energy minister says OPEC+ output decision based on fundamentals

Saudi energy minister Prince Abdulaziz bin Salman said on Friday that the decision by OPEC+ oil producers to delay the start of output increases was based on fundamentals.

"There are so many things going on over the next two months but primarily the decision to delay bringing these barrels to the second quarter is tied to the issue that the first quarter is not a good quarter to bring in volumes as it is known to be a quarter for building stocks," he told CNBC in an interview.

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