Oil prices should be stable, all options available: Saudi Energy Minister

It is important to maintain stable oil prices, as volatility is always the key concern for oil policy makers, Saudi Energy Minister Prince Abdulaziz bin Salman told Saudi Asharq TV.

Economic changes are very swift, Prince Abdulaziz said, adding that all options are now available in light of the existing cooperation between OPEC and other states, to take further measures.

The OPEC+ collectively reduced global oil supply by nearly 1.6 billion barrels between May and October, while the overall compliance reached 99.5% - an unprecedented level under an agreement.

The OPEC+ Joint Ministerial Monitoring Committee (JMMC) recently recommended postponing a plan to boost oil production by three months to six months, in anticipation for crude demand and the COVID-19 impact.

OPEC and its allies, at present, are scheduled to ease output cuts by 2 million barrels per day (bpd) for a three-month period starting January 2021, compared to the existing oil production cuts of around 7.7 million bpd.