‘Working for stability and balance in the oil markets’: Saudi King Salman

Reuters | | Posted by Nisha Anand

Saudi King Salman said on Sunday the kingdom was hard at work to support stability and equilibrium in oil markets, including by establishing and enforcing the OPEC alliance agreement.

Speaking to the kingdom’s Shura Advisory Council, King Salman bin Abdulaziz said his country was a mediator of peace and last month highlighted the crown prince’s initiative to release prisoners of war from Russia.

King Salman also called on Iran to honor its nuclear obligations and cooperate with the UN nuclear agency.

Earlier, OPEC Secretary General Haitham Al Ghais . said said on Sunday that “oil markets are going through a phase of major swings” during his two-day visit to Algiers. Al Ghais added that the aim of OPEC and producers outside the organization is to maintain market stability.

Also read | US says Saudi Arabia forced OPEC countries to cut oil amid escalating war of words

Last week, at an important OPEC meeting, members decided to cut oil production. OPEC’s decision was passed by consensus, taking into account the balance between supply and demand and aimed at curbing market volatility, the Saudi Foreign Ministry said in a statement on Thursday.

The United States, unhappy with the oil cuts, said it would “increase Russian revenues and weaken the effectiveness of sanctions” against Moscow after it invaded Ukraine in February. The production cut is the latest sign of deteriorating relations between the US and Saudi Arabia since Biden took office.

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