SAUDI OIL POLICY

Crown Prince Sultan, deputy premier and minister of defence and aviation, reiterated Saudi Arabia’s efforts to stabilise international oil market and blamed political turmoil, the global economic situation and speculators for the unprecedented increase in oil prices.

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June 19, 2022

Crown Prince Sultan, deputy premier and minister of defence and aviation, reiterated Saudi Arabia’s efforts to stabilise international oil market and blamed political turmoil, the global economic situation and speculators for the unprecedented increase in oil prices. “The price of oil is determined by various factors, including supply and demand and the level of commercial stockpiles in the consuming countries,” the crown prince said in an interview with Spanish ABC newspaper on the eve of his visit to Spain. “It is also affected by political turmoil and the situation of international financial market and the policies of the consuming countries.” The Kingdom’s petroleum policy takes into account the interests of both exporting and consuming countries, the crown prince said. “We always work for the stability of the market and for ensuring continuous supplies.” Prince Sultan said Saudi Arabia wanted to stabilise oil prices to protect the interests of both producers and consumers, and ensure the continuity of global economic growth, notably in the developing countries.