Climate Week in Riyadh Introduces Solutions, Ideas for COP28

Climate Week in Riyadh Introduces Solutions, Ideas for COP28

Saudi Arabia Calls for ‘Proactive Measures’ in Oil Market

Saudi Energy Minister Prince Abdulaziz bin Salman addresses the opening session of the Middle East and North Africa (MENA) Climate Week in Riyadh, on October 8, 2023. (Photo by Fayez Nureldine / AFP)

Saudi Energy Minister Prince Abdulaziz bin Salman has said it was necessary to be "proactive" on the oil market and attempt to bring stability to it, while adding that oil producers do not target prices.

In a Russian TV interview aired Thursday, Prince Abdulaziz said the market was unpredictable and "cannot be left on its own."

"We are not magicians. It is hard to forecast what will happen on the market even in half a year," he told Rossiya-24 state TV.

The minister said the need to act on the oil market depended on its volatility, adding that attempts to target prices had failed in the 1980s.

Saudi Arabia and Russia have agreed to continue with voluntary oil supply cuts of 1.3 million barrels per day, or more than 1 percent of global demand, to the end of the year.

Abdulaziz said the terms of the deal would be evaluated every month.

In the same interview, Russian Deputy Prime Minister Alexander Novak said Russia's deal with