By Arab News
Saudi Minister of State for Foreign Affairs Adel Al-Jubeir has said the Kingdom is attempting to ensure stability of oil markets by trying to avoid swings in prices, and not siding with Russia on the issue.
Speaking to CNN’s Becky Anderson on Wednesday, Al-Jubeir said that the OPEC+ decision to reduce the oil cartel’s output target by 2 million barrels a day is an attempt to help consumers and producers.
He added: “We have been doing this for decades. We try to make sure that we don’t have erratic swings in prices so that we can have logic when it comes to investments, when it comes to lending and when it comes to prices. The Kingdom of Saudi Arabia believes in this strongly.”
Energy ministers from the oil-producing countries that are members of the group have already agreed to the cuts, which will take effect next month.
Al-Jubeir said: “The decision to reduce the quotas was taken unanimously by 22 countries and the markets have responded very positively to this. The price of oil has actually come down since last week, not gone up.”
The minister added: “The Kingdom of Saudi Arabia and the US have had a very strong relationship for eight decades. They have been very close partners in fighting extremism and terrorism, and maintaining stability and security in defending the region, and have been very close allies in terms of economics, trade and investment.
“We look forward to this relationship continuing for the next eight decades.
“The sale of defensive weapons to Saudi Arabia serves the interests of the US, serves the interests of Saudi Arabia and serves the interests of security and stability in the Middle East.
“The presence of American forces in the Middle East has been here for many, many decades. They are here to protect the stability and security of the Middle East and the stability and security of the United States.”