Saudi king says OPEC+ pact 'essential' for oil market stability

The Organization of the Petroleum Exporting Countries and allies including Russia agreed this month to stick to their existing policy of monthly oil output increases despite fears a U.S. release of crude reserves and the Omicron coronavirus variant would lead to a fresh oil price rout.

DUBAI: Saudi Arabia's King Salman said on Wednesday the OPEC+ production agreement was "essential" to oil market stability and stressed the need for producers to comply with the pact.

The king, in an annual speech to the advisory Shura Council carried on state media, said market stability and balance are a pillar of Saudi energy policy and efforts by the world's top oil exporter to maintain spare capacity had proven important to safeguarding energy supply security.