OPEC, OPEC+ eye oil market stability, energy security: Saudi energy minister

Saudi Energy Minister Prince Abdulaziz bin Salman said that OPEC and OPEC+ seek to balance oil markets to ensure energy security.

OPEC supported the formation of OPEC+. In the last seven years, it was able with partners at OPEC+ to enhance potentials and gain additional capabilities that helped achieve the balance of oil markets, Prince Abdulaziz said in his speech during the 60th anniversary of OPEC in Baghdad.

If OPEC+ does not exist, the global oil and energy industries would not have been as they are now. The group action and harmony helped to maintain markets stability today amid the current conditions, economic volatility and uncertainty.

He added that if OPEC+ does not exist, oil prices and markets would have seen volatility.

Source: Argaam