Saudi Energy Minister: OPEC+ must be prepared to act in accordance with market requirements

"We are seeing a good oil demand recovery in China and India," Saudi Arabia's energy minister Prince Abdulaziz bin Salman said on Tuesday, as reported by Reuters.

The minister also thanked the United Arab Emirates and Angola for good compensation levels with oil output cuts. "OPEC+ must be prepared to act in accordance with market requirements," bin Salman added.

Market reaction

Crude oil prices edged lower following these remarks and the barrel of West Texas Intermediate was last seen losing 1.42% on the day at $40.85.