Oil volatility ‘worse’ without OPEC+ bloc that includes Russia: Saudi

Volatility on oil markets sparked by Russia’s invasion of Ukraine would be worse without OPEC+, the Saudi energy minister said on Tuesday, insisting the alliance that includes Russia deserves credit.

Oil shot up to nearly $140 on supply fears after Russia sent troops into its neighbour on February 24, and the price of crude is still trading at well over $100 a barrel.

“I certainly believe that if it wasn’t for OPEC+ existing, we would not be celebrating a sustainable energy market… even with today’s volatility,” Prince Abdulaziz bin Salman said.

“Volatility would have even be worse if OPEC were not together and did not exist,” the Saudi minister told the World Government Summit in Dubai.