Saudi Arabia, the kingdom’s energy minister said, will work for oil market stability at a time of heightened U.S.-Iranian tension and wants to see sustainable prices and demand growth.
Prince Abdulaziz bin Salman said it was too early to talk about whether the Organization of the Petroleum Exporting Countries (OPEC) and its allies would continue with production curbs agreed under a deal that expires in March.
“We would like to have a stable oil market, sustainable growth in terms of demand, sustainable growth in terms of supply as tension remains high in our region, Saudi Arabia will continue to do all it can do to ensure stable oil markets,” the minister said in an energy conference, adding that both high and low prices were undesirable. “The worst thing is to have low oil prices that permanently damage industry.”
Oil prices remained stable on Monday when the United States and Iran seemed to withdraw from the edge of a total confrontation after an attack with US drones killed an Iranian commander on January 3 and Iran retaliated with missiles launched against US bases in Iraq.
Prince Abdulaziz said the United States was a strategic partner with a big role in international security. “We’re leaving it to our friends in the U.S. to conduct them in the manner they see fit.”
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