Saudi Energy Minister, Prince Abdulaziz bin Salman on Monday said on Monday international energy markets need light-handed regulation to limit volatility.
Speaking at the World Petroleum Congress in Calgary, Prince Abdulaziz said there was ongoing uncertainty about European growth and central bank action to tackle inflation.
He noted that supply and demand forecasts are not always reliable.
"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."
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. OPEC, Russia and allied producers are known as OPEC+.
The congress is a five-day gathering of officials from oil-producing companies and countries in Calgary, Alberta, Canada's oil capital.
