Saudi Arabia's King Salman bin Abdulaziz described OPEC+ production deal as “essential” for oil market stability and urged all participating countries to adhere to the agreement, official Saudi news agency SPA reported on Thursday.
During an annual speech to the advisory Shura Council, Salman said market stability and balance are pillars of Saudi energy policy.
'The Kingdom confirms its keenness for the continuation of the OPEC+ agreement due to its essential role in oil market stability and also stresses the importance of compliance by all participating countries with the agreement,' Salman said.
The Organization of Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, is scheduled to meet on Jan. 4. The group will decide whether to increase output by 400,000 bpd in February.
The OPEC+ producers in their previous meeting agreed to stick to the scheduled output scheme, ignoring requests from some countries, including the US, to raise the production.
By Sibel Morrow