Saudi energy minister emphasizes OPEC’s market stability efforts

Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said on Monday that he believes oil demand consistently exceeds some forecasts, while underscoring OPEC’s market stability efforts.

Speaking at the International Petroleum Technology Conference, Prince Abdulaziz emphasized OPEC’s role in being vigilant of market movements and prepared to adjust production levels up or down as market conditions warrant.

He stressed that achieving energy security is a collective responsibility that calls for innovation in ensuring energy security.

Prince Abdulaziz also said that Saudi Arabia aims to become a nation that utilizes all global energy resources.

The Joint Ministerial Monitoring Committee of OPEC+ decided in its last meeting to maintain its unchanged and will decide in April whether to extend the voluntary oil production cuts that are in effect for the first quarter.

The committee also confirmed its commitment to closely evaluate market conditions, acknowledging the participating member countries’ desire to deal with market developments and their readiness to take further measures at any time. This readiness is based on the strong cohesion among OPEC member countries and non-member countries participating in the cooperation.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, collectively known as OPEC+, are committed to production cuts amounting to 2.2 million barrels per day in the first quarter, in line with what was announced in November.