Oil prices ‘stable’ thanks to OPEC+ pact, says energy minister

The OPEC+ pact has helped stabilizing oil prices, otherwise they would have been “much less”, Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said today at the Saudi-Russian Chief Executives Forum in Riyadh.

He added that there is a consensus in this regard among members of OPEC+, in addition to the joint ministerial monitoring committee (JMMC) responsible for overseeing the level commitment to the implementation of the agreement.

“OPEC+ is ready to take all measures to restore stability and balance within the energy market”, he further said.

He also noted that there is no such thing as a “fair price”.

“What we may consider fair for us, might not be for others. A sustainable price is the best as it enhances global economic growth and help prepare budgets easily and lead to enabling investments in the industry sector,” the minister said.

He also said that oversupply and lack of demand leads to market fluctuation, as well as other factors such as weaker economic growth also affect the market.