Saudi energy minister calls for OPEC+ compliance in speech: transcript

London — The following is an edited transcript of the speech given by Saudi Arabia's energy minister Prince Abdulaziz bin Salman at the opening of the June 6 meeting of the full OPEC+ alliance of 23 oil producers via webinar:

"Since we last met in April, the pandemic has continued to impact the global economy and energy markets. The low point was April 20, when the US benchmark turned negative for the first time in history. That day has given us a new determination to ensure we stabilize global oil markets.

Since then, our collective efforts have borne fruit, and despite many uncertainties, there are encouraging signs that we are over the worst. We are on the right path, and aim to continue in that direction. Demand is returning as big oil-consuming economies emerge from pandemic lockdown. Through our commitment to a proactive policy, within a cohesive and collective framework, we are restoring confidence and stability to global oil markets. Today, we have grounds to be cautiously optimistic about the future. But we are not out of the woods yet and challenges ahead remain.

We must remain vigilant. Each of the 23 countries represented here must be on guard for any signs of backsliding from their commitments. The JMMC will be monitoring the market situation in monthly meetings until the end of the year. All OPEC+ partners must deliver on their pledges for the collective interest to be sustained. Each country has to adhere to its commitment to restrain production along the agreed guidelines.

Effective compliance is vital, if we are to secure the hard-won stability in global oil markets and restore confidence in the unity and effectiveness of the OPEC+ group. This stability and positive market sentiment will bring its own rewards. We have all made sacrifices to get where we are today. Saudi Arabia has made a big voluntary reductions to expedite the recovery of the markets. The UAE and Kuwait have also made significant contributions. It is heartening to see such commitment.

But those sacrifices will be in vain if we do not continue in a genuine spirit of mutual trust and shared responsibility.

Together we are stronger. Together we can restore stability to oil markets and help rebuild the global economy."