Energy Minister says OPEC+ does not get credit for its role in oil market

Prince Abdulaziz Bin Salman, Minister of Energy

Saudi Arabia’s Minister of Energy, Prince Abdulaziz Bin Salman, said OPEC+ does not get appreciation for what it is doing in the oil market, criticizing the International Energy Agency (IEA) and its conflicting reports.

Speaking at the International Petroleum Technology Conference 2022 (IPTC), the minister explained that OPEC+ succeeded in managing the agreement because it did not put the volume of production or the country as the most important thing. It was rather important to build consensus from the bottom up, indicating that this will lead future ambitions.

The group needs to always maintain a consensus, where without achieving collective ambitions, the ambition of each country can’t be achieved, the minister added, stressing that the countries of served themselves and the global community.

Without OPEC+, none of the chairmen or chief executives of any of the world's oil and gas companies would have remained in office, he said, noting that those companies would have been swallowed up by other companies or disappeared.