Market

Saudi energy minister stresses need for “stable” oil prices

JEDDAH, As OPEC’s de facto leader, Saudi Arabia will work tirelessly to ensure oil market stability, with its output currently at 9.744 million barrels per day, said the country’s energy minister.

“We would like to have a stable oil market, sustainable growth in terms of demand, sustainable growth in terms of supply,” Prince Abdulaziz bin Salman Al-Saud said amid an energy conference.

When asked whether Riyadh has beefed up security in the wake of US-Iranian tension, he replied, “We have taken every precaution that can be taken.” The minister went on to say that the US was a strategic partner with a big role in international security.

“We’re leaving it to our friends in the US to conduct themselves in the manner they see fit,” he said.

Source: Kuwait News Agency