Saudi Arabia’s King Salman said on Wednesday that the OPEC+ production agreement was “essential” to oil market stability and stressed the need for producers to comply with the pact.
The king, in an annual speech to the advisory Shura Council carried on state media, said market stability and balance are a pillar of Saudi energy policy.
He added that efforts by the world’s top oil exporter to maintain spare capacity had proven important to safeguarding energy supply security.
“The kingdom … confirms its keenness for the continuation of the OPEC+ agreement due to its essential role in oil market stability and also stresses the importance of compliance by all participating countries with the agreement,” the king said.
The Organization of the Petroleum Exporting Countries and allies including Russia agreed this month to stick to their existing policy of monthly oil output increases.
The decision was made despite fears that a US release of crude reserves and the Omicron coronavirus variant would lead to a fresh oil price rout.
- Reuters with additional editing by Jim Pollard
ALSO SEE:
US To Release 50m Barrels of Crude in OPEC Showdown
Oil down, not a slow down
OPEC says oil producers must go with the flow in a ‘risky’ 2021
