Oil volatility ‘worse’ without OPEC+ bloc: Saudi minister

Oil volatility ‘worse’ without OPEC+ bloc: Saudi minister

DUBAI: Volatility on oil markets sparked by Russia’s invasion of Ukraine would be worse without OPEC+, the Saudi energy minister said on Tuesday, insisting the alliance that includes Russia deserves credit. Oil shot up to nearly $140 on supply fears after Russia sent troops into its neighbor on February 24, and the price of crude is still trading at well over $100 a barrel. “I certainly believe that if it wasn’t for OPEC+ existing, we would not be celebrating a sustainable energy market… even with today’s volatility,” Prince Abdulaziz bin Salman said.

“Volatility would have even be worse if OPEC were not together and did not exist,” the Saudi minister told the World Government Summit in Dubai. The 13-member, Saudi-led Organization of the Petroleum Exporting Countries (OPEC) has so far resisted calls to lift production further following the Russian invasion of Ukraine. OPEC+ comprises another 10 countries including Russia. Prince Abdulaziz said OPEC, which also includes Saudi Arabia’s regional foe Iran, was strictly non-political.

“When we get into the OPEC meeting room or building, everybody leaves his politics outside the door of the building, and that culture has been with us,” he said. He also warned that attacks by Yemen’s Iran-backed Houthi rebels on Saudi