We want sustainable oil prices: Saudi energy minister

Saudi energy minister We want sustainable oil prices

Saudi energy minister - We want sustainable oil prices

"Faced with tensions that persist in our region, Saudi Arabia will continue to do what it can to guarantee the stability of oil markets", the minister said.

"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.

Because complete energy transformations take such a long time to complete, the oil industry should continue to think in decades, Aramco's chairman Yasir Al-Rumayyan said at the International Petroleum Technology Conference (IPTC) in Dhahran, Saudi Arabia, as carried by Al Arabiya English. "We're leaving it to our friends in the U.S.to conduct themselves in the manner they see fit", he said.

Just before Saudi oil facilities were attacked in September, Saudi Arabia was pumping 9.9 million barrels per day, or almost 10 percent of world demand.

Drone and missile attacks on Saudi Aramco oil facilities in September, blamed on Iran, slashed crude production from the world's top oil exporter by nearly half.

"We have taken every precaution that can be taken", he told reporters when asked whether the kingdom had raised oil security after recent USA and Iran strikes in the region.

The minister said Saudi Arabia's oil production would hit 9.77 million barrels per day in January and February.

Iraq's compliance with OPEC cuts improved in December and is looking for full compliance in January, he added.

Formula 1 is reportedly close to agreeing to a deal worth £50-million (R936.21-million, est.) a year that will see Saudi Arabia become one of the global destinations on the calendar.

As well as the discussions to host a GP within the country, it has also been reported that F1 has already agreed a global sponsorship deal with state-owned oil firm Aramco and that the city of Qiddiya is set to be the long-term home of any potential GP following the completion of a multi-purpose project being developed around 45km from the capital Riyadh.

Latest News