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Opec+, the alliance of 23 oil-producing countries, aims to reduce market fluctuations and will continue to focus on stability in the year ahead, Saudi Arabian Energy Minister Prince Abdulaziz bin Salman said.
The alliance's decision to cut production by 2 million barrels per day on October 5 proved to be the right one, given recent developments, he told a forum in Riyadh on Sunday after the kingdom's 2023 budget announcements.
At its last meeting in October, Opec+ decided to slash its collective output by 2 million bpd until the end of next year, citing concerns of a global economic slowdown.