The current activity of oil markets indicates that the Saudi-led efforts for stabilizing the markets prove to be fruitful. They aim at fostering the international economic growth. Prices have started to improve and markets move towards being balanced, thereby achieving the objective sought even by Non-OPEC oil producing countries after the last drop in oil prices. . These efforts rely on the Saudi oil policy aimed at maintaining fair international oil prices keeping oil as a main source of energy. The policy also aims at upgrading the production capacity supplying the international demand and generating revenues enabling the government to improve the economy and citizens' living conditions. The OPEC has recently announced that crude oil producers within and outside the OPEC confirm that they are still adherent to the reduction of production to stop price collapse. The OPEC urged the signatories of the agreement to comply with it. Such trend translates the positive efforts exerted by the Kingdom since the drop of prices. Since oil markets have suffered from oversupply by some producers, it is natural that the Kingdom continues to reduce production by more than it has pledged before the OPEC. The Kingdom shoulders a great burden to restore balance to oil markets. Prices of Brent crude have started to initiate a pricing frame above $ 50 per barrel. Meanwhile, speculators in oil markets have started to increase stakes in long-term contracts and reduce them in short –term contracts in anticipation for continued recovery of prices and balance of markets. Most economic reports confirm that oil markets move actively towards retaining their balance and that compliance with production reduction shares within six months has been influential. Energy, Industry and Mineral Resources Minister currently holds meetings with his counterparts in all countries to achieve the above objectives, discuss the latest developments in energy markets and unify the efforts to restore stability to oil markets. Therefore, other OPEC members and other producers must comply with their commitments to restore stability to markets.
