Saudi Energy Minister Prince Abdulaziz bin Salman said Thursday that the spot market for gas does not provide a stable market, stressing the need to “regulate the natural gas market appropriately.”
He added at the energy forum held in Russia that the lack of stocks and investments and the lack of coordination between buyers and sellers is detrimental to the natural gas market.
Prince Abdulaziz stressed the need to emulate what was done by the “OPEC +” alliance, an alliance between the OPEC and producers from outside it, in other markets such as natural gas, where prices are skyrocketing. If we want to reduce the energy left by the Coronavirus, we want to do it gradually, he said, adding, “We must be rational about the challenges of climate change.”
For his part, UAE Oil Minister Suhail Al Mazrouei said that the demand for energy, especially natural gas, is at its peak, adding that it is important to maintain a balance in the market. He stressed that his country has spare capacity.
The UAE minister, speaking alongside the Russian and Saudi energy ministers as well as OPEC Secretary-General Mohammed Barkindo, warned that without investing, “the oil markets are in danger of witnessing what we see in natural gas.”
In response to a question about whether the “OPEC +” group would be willing to increase its production to calm the rise in oil prices, the minister said that “OPEC +” producers can do so, but they do not want to overdo it.