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Hind Al Soulia - Riyadh - RIYADH — Saudi Arabia's Energy Minister Prince Abdulaziz Bin Salman said the Kingdom has taken all precautions to ensure the safety of oil facilities after recent strikes in Iraq.
“We have taken every precaution that can be taken,” he said when asked whether the Kingdom had raised oil security after recent US and Iran strikes in the region.
The minister added that Saudi Arabia would work for oil market stability and likes to see sustainable prices amid heightened tension in the region.
"As tension remains high in our region, Saudi Arabia will continue to do all it can do to ensure stable oil markets," Prince Abdulaziz said during an event in Dhahran.
In a Bloomberg television interview on Monday, the minister said that the OPEC and its allies remain resolved to press on with output cuts aimed at draining away any excess stockpiles,
“Our endeavor in OPEC+ is to try to bring inventories to a certain level, where it is within the contours” of recent years, the minister remarked in the interview. That range should be around the average of the last five years and the period from 2010 to 2014, he added.
Prince Abdulaziz said he was “very comfortable” with the implementation of production cuts by OPEC+ nations in December, the final month before the alliance is due to implement even deeper curbs. Iraq, which has long been lax in its performance, didn’t meet its target last month but made a “reasonable” effort, he said. — Agencies
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