Khalid al-Falih, Minister of Energy, Industry and Mineral Resources of Saudi Arabia and chairman of Saudi Aramco, spoke at the recent Future Investment Initiative about digitalisation, investing in oil and the future for the oil market.
"We think we're in a good place today in terms of supply and demand and inventories," he said.
"Our strategy worked two years ago when we pulled production to bring stability back and I like to say that it worked in the past few months," he noted.
"If there are any disruptions from suppliers, especially with Iran sanctions looming, then we will continue the way we have now to meet demand," he added.
On the other hand, if prices inflate and market conditions point towards a repeat of the 2014 crash, he noted that there is a "mechanism in place to reconvene and bring supply and demand in balance and prevent inventories from growing uncontrollably."
He said that in OPEC's December meeting he hoped to ink an agreement with the 25 parties already signed to the current agreement as well as any new signitaries, to "work to monitor and stabilise markets."
"It's a very unpredictable situation," he said. "Supply especially, but demand as well." He noted trade friction and issues with some currencies as a strain on demand.