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Abdulaziz bin Salman: Saudi Arabia Wants Sustainable Oil Prices

Abdulaziz bin Salman: Saudi Arabia Wants Sustainable Oil Prices

Monday, 13 January, 2020 - 09:45
Saudi Energy Minister Prince Abdulaziz bin Salman. Asharq Al-Awsat
Asharq Al-Awsat

Saudi Arabia will work for oil market stability at a time of heightened tension in the region and wants to see sustainable prices, Energy Minister Prince Abdulaziz bin Salman said on Monday.


The minister said it was too early to talk about whether the Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, would continue with production curbs agreed under a deal that expires in March.


"As tension remains high in our region, Saudi Arabia will continue to do all it can do to ensure stable oil markets," the minister told the International Petroleum Technology Conference in Dhahran.


"We would like to have a stable oil market, sustainable growth in terms of demand, sustainable growth in terms of supply," he said, adding that both high and low prices were undesirable. "The worst thing is to have low oil prices that permanently damage industry."


Prince Abdulaziz also said the United States was a strategic partner with a big role in international security.


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