RIYADH: Saudi Arabia is keen to continue working with the OPEC + alliance as it plays an essential role in stabilizing the oil markets, King Salman bin Abdulziz said, calling participating countries for the same commitment.

The Kingdom affirmed that the stability and balance of the oil market is one of the pillars of its energy strategy, as it believes oil is an important element to support the growth of the global economy, he said in his annual Shoura Council speech on Dec. 29.

The King emphasized the success of the Kingdom’s petroleum policy, represented in its continuous development of its production capabilities, and its permanent maintenance of additional production capacity, that maintained the security of energy supplies.

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.