“We will soon begin work on a new agreement for the period after 2022, based on our previous experience, successes and achievements,” bin Salman said in an interview with Bloomberg.

He noted that the alliance intends to make the new agreement more effective.

Earlier, the Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), the representative of Kuwait, Haytham al-Ghais, in an interview with CNBC, stated that the organization was not involved in rising oil and gas prices.