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Saudi Tells G20 It Won't Change Oil Policy

Saudi Tells G20 It Won't Change Oil PolicySaudi Tells G20 It Won't Change Oil Policy

Saudi Arabia will keep its oil policy unchanged and balanced, Crown Prince Salman, said while addressing the G-20 summit.

The deputy premier and minister of defense also said that the country's approach to oil production, demand and supply are aimed at supporting the market's stability.

"The kingdom is continuing with its balanced policy and positive and influential role to promote the stability of the markets ... and taking into account the interests of producers and consumers of energy," the crown prince was quoted by Arabian Oil and Gas as saying. the kingdom has invested heavily to keep the additional production capacity to enhance the stability of the global energy markets, and thereby supporting the global economic growth and its stability," he told the summit.

The comments come ahead of OPEC's long-awaited meeting on 27th of November, when producers will consider whether to cut output in order to shore up prices which have taken on a four-year slump in recent months.

He also added that the slow pace of global economic recovery, coupled with increased risks, demanded the implementation of economic policies and growth-supporting structural reforms as well as creating job opportunities.

"We have to continue strengthening the fiscal and structural policy frameworks in the economies of some member states," the crown prince said. Prince Salman emphasized the link between economic growth and world peace.

"We can't achieve one without the other, which requires all of us to cooperate and work together to address the issues that are considered a threat to peace," he said.

 

Financialtribune.com