Saudi Energy Minister Prince Abdulaziz bin Salman said in a Russian TV interview that it was necessary to be “proactive” on the oil market and attempt to bring stability to it.

He said in the interview, conducted on Wednesday and aired on Thursday, that the market was unpredictable and “cannot be left on its own”.

“We are not magicians, it is hard to forecast what will happen on the market even in half a year,” he said.

Abdulaziz also noted, however, that attempts to target prices had failed in the 1980s.

Russian Deputy Prime Minister Alexander Novak, speaking in the same interview, said Russia’s deal with OPEC+ had had a stabilising effect.

Abdulaziz said the terms of the deal would be evaluated every month.