Economy

Saudi cabinet says ready to use spare oil capacity as needed

Saudi King Salman bin Abdulaziz chaired the kingdom’s Council of Ministers cabinet session at al-Salam Palace in Jeddah , where the council affirmed the kingdom’s readiness to deploy its spare oil production capacity to maintain market balance and stability, a statement carried by state news agency SPA said.

The cabinet affirmed the kingdom’s readiness to use its spare capacity when needed to deal with any future changes in oil supply and demand rates in coordination with other producing countries.

King Salman briefed the cabinet on the telephone call he had received from President Donald Trump during which the two leaders confirmed the need to exert efforts to maintain the stability of oil markets and the growth of the world economy.

The cabinet stressed that one of the most important objectives of the kingdom’s petroleum policy is to always seek to achieve balance and stability in oil markets, as well as to coordinate and consult with other producing countries and major consuming countries. They also stressed on the importance of providing supplies when necessary to “achieve common interests and stimulate the global economic growth.”

The cabinet commended “constructive cooperation between producing countries from inside and outside OPEC, which resulted in the agreement of 25 countries to increase oil supplies, taking into account the current market conditions.”

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