Energy markets should fall in line with OPEC+ to maintain stability: Prince Abdulaziz

Saudi Minister of Energy Prince Abdulaziz bin Salman

Saudi Minister of Energy Prince Abdulaziz bin Salman said that other energy markets need to copy what OPEC+ has done in other markets, such as natural gas, where prices have spiked.

OPEC+ has contributed to the stability of oil prices, Prince Abdulaziz said during a forum held on the sidelines of Russian Energy Week.

Lower stock, weaker investments and lack of coordination are weighing on the natural gas market, he noted.

"We want to make sure that we reduce those excess capacities that we have developed as a result of COVID. We want to do it in a gradual, phased-in approach and we believe that we will have a challenging year in 2022," he told the forum.

The minister stressed that the Kingdom aims to reduce carbon emissions and be a major producer of renewable energy that contributes to the development of the national economy, stressing the country will reach its renewable energy goals in 2030.