Saudi Arabia affirms that the OPEC+ alliance will remain long term

The new Minister of Energy of Saudi Arabia said Monday that the world's leading oil exporter will continue to work with other producers to achieve market balance and that an agreement led by OPEC to curb supply will survive "with the will of all."

Prince Abdulaziz bin Salman, who took office at the hands of Khalid al-Falih on Sunday, told reporters there would be no "radical" change in the kingdom's oil policy, the facto leader of OPEC.

The prince helped negotiate the agreement between the Organization of Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, to reduce the global supply of crude oil in order to raise prices and balance the market.

Abdulaziz told reporters during an energy conference in Abu Dhabi that the OPEC+ alliance "would be maintained in the long term" and asked OPEC members to meet production goals.

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"We have always worked in a cohesive and coherent manner within OPEC to ensure that producers work and prosper together," said the prince.

Asked if it was necessary to make more cuts in the production of crude to support the market, Abdulaziz replied that "it would be a mistake on my part to get ahead of the rest of OPEC members."

The Saudi minister declined to comment on barrel prices, which rose on Monday in reaction to his appointment. Brent earned 49 cents at $ 62.03 per barrel at 0937 GMT, while West Texas Intermediate advanced 48 cents to $ 57 per barrel.

Prince Abdulaziz said he did not believe that world energy demand had slowed down and that he expected world economic prospects to improve once the trade dispute between the United States and China is resolved.