Saudi king Salman says kingdom seeks stability and balance in oil markets
- By Reuters -
- Oct 17, 2022
Saudi King Salman said on Sunday the kingdom was working hard to support stability and balance in oil markets, including by establishing and maintaining the agreement of the OPEC+ alliance.
King Salman bin Abdulaziz said in an address to the kingdom’s advisory Shura Council that his country was a mediator of peace and highlighted the crown prince’s initiative to release POWs from Russia last month.
Shah Salman said that Kingdom of Saudi Arabia is striving to ensure the immunity of the three pillars of the energy world: (securing necessary energy supplies, continuous economic development by providing reliable energy sources and facing climate change). He said that Saudi Arabia is working hard, within its energy strategy, to support the stability and balance of global oil markets, as petroleum is an important element in supporting the growth of the global economy, and this is evident in its pivotal role in establishing and maintaining the (OPEC +) agreement as a result of its initiatives to accelerate the stability of markets and the sustainability of its supplies as well as the Kingdom’s keenness to develop and invest all its energy resources.
The discovery of a number of natural gas fields in some regions of the Kingdom of Saudi Arabia, including (Shadoun field in the central region, Shehab and Al-Shorfa fields in Al-Ruba Al-Khali (the Empty Quarter), Umm Khanasser and Samna fields for unconventional natural gas in the northern and eastern border regions), has added a blessing to this country, and enhances the stock of wealth and resources, which supports the leading position of Saudi Arabia in the global energy sector, and contributes to economic diversification and a positive financial impact in the long term.
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“The Kingdom of Saudi Arabia also recorded pioneering positions and achieved global progress in a number of fields, most notably non-oil exports, the highest growth rate among all economies of the world, and the second best performance among 63 countries, as well as in cybersecurity, financial market, quality of scientific research and combating trafficking crimes, in addition to the indicators related to education, research, innovation, human development, auditing and accounting in business, and this reflects the state’s unlimited interest and support, providing all possibilities and giving these and other sectors a strong motive on the path of global leadership, and continuing to achieve qualitative leaps in competitiveness and international indicators,” King Salman was quoted as saying by the official Saudi Press Agency.
King Salman also called on Iran to fulfill its nuclear commitments and cooperate with the U.N. nuclear agency.