OPEC, non-OPEC cooperation key to permanent stability of oil market: Prince Abdulaziz

Saudi Arabia seeks to build relations with OPEC non-OPEC countries who are interested in partnership, Saudi Arabia's energy minister Prince Abdulaziz bin Salman said in his speech at the Russia Energy Week.

“It is now time for a long-term agreement as preparation phase has already passed,” the energy minister said.

He also noted that the coalition aims to only benefit producers, but it will also serve their interests and stabilize local and international markets as well, taken into consideration their responsibilities toward consumers.

“The coalition can achieve a permanent stability of oil market, and attract investments to help bolster the global economy,” Prince Abdulaziz said.

He further said that mutual interests have led to uncover new ways of collaboration between producers and consumers to achieve market stability.