Energy Minister Prince Abdulaziz bin Salman acknowledged that OPEC+ has contributed significantly to keeping oil market fluctuations very limited over the past few years, despite the presence of geopolitical and economic events affecting the market.
The Minister said this while participating in the 5th session of the Kuwait Oil and Gas Conference and Exhibition. “For the last two years, I have not said a single word in public about my vision for the oil market, simply because I view the market as currently being dominated by many overlapping factors.”
Main events and challenges
He noted that much of what is currently influencing market direction has nothing to do with OPEC or the OPEC+ alliance or even market fundamentals, but is primarily driven by trade and other factors, as well as geopolitical considerations and multiple economic issues.
He added: “When was the last time we witnessed a more stable and less volatile market than what we have witnessed over the past six-and-a-half years? This is true despite all the challenges and significant events that the market has experienced.”
“Our fundamental and fundamental interest in OPEC+ is to maintain sustainable stability in the oil market, which is our deepest and most important mission and ultimately the basis for achieving our desired results,” he said.
Energy Minister Abdulaziz bin Salman acknowledged that OPEC+ has contributed significantly to keeping oil market fluctuations very limited over the past few years, despite the presence of geopolitical and economic events affecting the market.
The Minister said this while participating in the 5th session of the Kuwait Oil and Gas Conference and Exhibition. “For the past two years, I have not personally said a single word in public about my vision for the oil market, simply because I view the market as currently being controlled by many intertwined and complex factors.”
Main events and challenges
He pointed out that much of what is currently influencing market direction has nothing to do with OPEC, the OPEC+ alliance, or even market fundamentals, but is primarily driven by trade and other factors, as well as geopolitical considerations and various economic issues.
He added: “What about when we see a market that is more stable and less volatile than we’ve seen over the last six and a half years? This is true despite all the challenges and big events that the market has gone through.”
“Our core and fundamental interest in OPEC+ is to maintain sustainable stability in the oil market, which is a deeper and more important mission and ultimately the basis for achieving our desired results,” he said.
