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Saudi Arabia's King Salman said the OPEC+ production deal was "critical" to oil market stability and stressed that producers must comply with it
, Oil & Gas News reported on December 30.
In his annual address to the Shura Council through state media, the king said market stability and balance are the backbone of Saudi energy policy and that efforts by the world's largest oil exporter to maintain spare capacity have proven important
to guarantee security of energy supplies.
He said that due to the important role of the agreement in the stability of the oil market, the Kingdom confirmed its desire to continue implementing the OPEC+ agreement and stressed the importance of
compliance by all participating countries.
Despite fears that the release of U.
S.
crude oil reserves and the Omicron coronavirus variant would lead to a new plunge in oil prices, the Organization of the Petroleum Exporting Countries and allies, including Russia, agreed this month to stick to their existing policy
of increasing oil production monthly.