Saudi Energy Minister Prince Abdulaziz bin Salman said at an energy conference in Riyadh Sunday, OPEC and its allies (OPEC+) must work together to maintain oil market stability in the long term.

Key quotes

“We need to keep this consensus-building approach to be with us permanently because without it we will lose sight of our collective ambition.”

“Ask any producer of oil and gas today, if it were not for OPEC+ would they be the chairmen and the CEOs of today? And the answer: they would have vanished.”

At the same event, Iraq Oil Minister Ihsan Abdul Jabbar said, “for the benefit of the whole energy market, OPEC+ should sustain the current agreement and any dramatic change could cause an imbalance.”

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