The Kingdom is closely monitoring developments in the oil market, which saw a high level of volatility in recent weeks, Saudi Energy Minister Khalid Al-Falih said in an interview with Arab News on Monday.
Al-Falih says effectiveness of OPEC+ efforts has been well-proven over the course of almost 30 months.
He added that the 24 oil exporting countries in the group remain committed to the shared objective of balancing the oil market for the benefit of producers and consumers. “We have previously stated our commitment to do whatever it takes to stabilize markets and we have delivered on those promises. And I am making that commitment again.”
Increasing US-China trade friction and potential barriers would certainly have a negative impact on the global economy and oil demand growth, according to the minister.