Saudi Energy Minister Prince Abdulaziz bin Salman said “fluctuating oil markets and poor liquidity are sending the wrong signals to markets at a time when the need for clarity is greatest”, noting that the OPEC+ group is more focused and flexible, and he has the means. As part of the declaration of cooperation, the mechanisms that allow him to address these problems, which include the possibility of reducing production at any time and in various ways, which he has repeatedly and clearly demonstrated throughout 2020 and 2021.

He told a press conference: “We have faced more difficult situations in the OPEC+ group in the past, and we have come out of them stronger and more consistent than ever before,” noting that “the group has the means under the mechanisms of the declaration about cooperation that allows us to solve these problems and guide the markets”.

The minister said: “We will soon begin work on a draft new agreement for the period after 2022, and we will continue to build on our previous experience, achievements and successes, and we are determined to make the new agreement more effective. Market performance, and undermined its stability, only increases our determination to achieve this.”