Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman remarked last week during the ADIPEC 2021 opening ceremony that the OPEC+ group has achieved more impressively than any other group on the planet and displayed a cohesion that has given stability and sustainability to oil markets.

He said: “The responsible 23 countries have delivered, and delivered more remarkably than any other group, show me anywhere on planet earth including central bankers, that delivered more sustainability.”

Last year, the Organization of Petroleum Exporting Countries (OPEC) and its allies, including Russia, announced an unprecedented 9.7 million barrels per day production cut, accounting for around 10% of global output. The announcement occurred during an unprecedented drop in demand as the COVID-19 epidemic slammed commodity markets, with oil prices briefly falling into negative territory. Since then, the Group has gradually increased output as oil prices have rebounded. OPEC’s approach to keeping oil prices stable is based on revising existing output agreements in monthly meetings.

“These tweaks are announced well in advance and we [have] by that delivered a stable, less volatile oil market, show me anywhere else [where this has happened],” Prince Abdulaziz said.

Crown Prince Mohammed bin Salman of Saudi Arabia unveiled two new climate initiatives earlier this year: the Saudi Green Initiative and the Middle East Green Initiative. These programmes will assist the Kingdom of Saudi Arabia and the Middle East in becoming more environmentally friendly and sustainable.

“We will be working together to ensure that this region will become a role model for what we mean by sustainable development, where we will meet the three pillars that we have been sharing with everybody,” he said.