OPEC+ oil producers have taken a cautious stance but the market’s recovery is far from complete, Saudi Arabia’s energy minister said on Thursday.

“Last month we called for a cautious and restrained approach and fortunately we were proved right by subsequent events,” Prince Abdulaziz bin Salman said as he opened an OPEC+ meeting.

“The market now realizes that the OPEC+ cautious position was the correct course of action… The reality that remains (is the) global picture is far from even and the recovery is far from complete.”