Saudi Arabia says it has done everything possible for the global oil market

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Saudi Arabia’s foreign minister says the state has nothing more to do with controlling the oil market, signaling that the world’s largest crude exporter has no plans to gradually increase production.

Speaking at a panel of the World Economic Forum in Davos, Switzerland, Prince Faisal bin Farhan said: “The market is strong enough. “We need to make sure that when we transform into a renewable future, there is enough energy in the market. The state has done what it can. “

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Prince Faisal was responding to a question about what the United States, which has pressured Saudi Arabia and other OPEC + members to pump up quickly, could offer Riyadh in exchange for more crude oil. His remarks echoed those of Saudi Energy Minister Abdul Aziz bin Salman, who said in an interview earlier this month that a refining crisis was to blame for rising fuel prices.

“It’s much more complicated than bringing a barrel to market,” said Prince Faisal. “Our assessment is that the oil supply is relatively balanced at the moment.”

Oil prices rose nearly 70% last year to about 5 115 a barrel, first recovering from a coronavirus epidemic and then after Russia invaded Ukraine.

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