UN General Assembly
2023

The stability of global energy markets is a cornerstone of global economic growth. Saudi Arabia is firmly committed to preserving the stability, reliability, sustainability and security of global crude-oil markets, as well as to meeting the needs of consumers to ensure a healthy and beneficial economy for producers and consumers worldwide. We continue to emphasize the importance of collective cooperation with the Organization of Petroleum-Exporting Countries Plus (OPEC+) in order to promote the stability, reliability, sustainability and security of global crude-oil markets. The policies adopted by OPEC+ have made it possible to closely monitor the markets through a preventive approach, thereby contributing to their stability and balance, which was clearly illustrated by the stability shown by the oil markets in 2022 compared to other energy markets such as natural gas and coal.