Saudi energy minister says OPEC+ cuts were needed to stabilize oil market

CALGARY, Alberta, Sept 18 - Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman on Monday defended OPEC+ cuts to oil market supply, saying international energy markets need light-handed regulation to limit volatility.

Saudi Arabia and Russia on Sept. 5 extended voluntary supply cuts of a combined 1.3 million barrels of oil per day to year end. The Organization of the Petroleum Exporting Countries, Russia and allied producers are known as OPEC+. The cuts will mean a substantial market deficit through the fourth quarter, the International Energy Agency said on Wednesday."It's always better to go by my motto, which is, 'I believe it when I see it.' When reality comes around as it's been forecast, Hallelujah, we can produce more.""They have moved from being a forecaster and assessor of the market to one practicing political advocacy," he said.

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