Saudi Oil Minister Prince Abdulaziz Bin Salman said Monday the kingdom has taken every step to secure its oil facilities and guarantee market stability amid rising regional tensions.
Vast wealth and the promise of dramatic change make for cautious optimism concerning Saudi Arabia, the chief executive…
813 Views | the publication reaches you by | Saudi Arabia Today“We have taken all the possible precautions,” Prince Abdelaziz told the opening of the 2020 International Petroleum Technology Conference in the eastern Saudi city of Dhahran.
In December, in the presence of the OPEC cartel and 10 other oil producing countries, the kingdom announced it would cut its production in order to support prices.
Just before Saudi oil facilities were attacked in September, Saudi Arabia was pumping 9.9 million barrels per day, or nearly 10 percent of world demand.
“There exists no other surer and more responsible source [of oil] than the kingdom of Saudi Arabia,” Prince Abdelaziz said.
“When the kingdom’s oil facilities were attacked several months ago, we acted quickly and have maintained stability of oil supplies and that’s what counts for consumers,” the minister said.
“We protected the world economy,” he added.
Drone and missile attacks on Saudi Aramco oil facilities in September, blamed on Iran, slashed crude production from the world’s top oil exporter by almost half.
And a string of attacks on vessels in the troubled waters of the Gulf last year, which Washington and its allies blamed on Iran, also stoked fears for the security of global supply.
Prince Abdelaziz said the September crisis “showed the Saudi oil sector’s flexibility and the Saudi leadership’s long-term strategic vision, as well as Aramco’s quality and strength.”
Saudi Aramco last month floated its shares on the stock exchange for the first time but was hit more than a week ago by a panicky sell off amid Iranian vows of retaliation for Soleimani’s killing.
“Faced with tensions that persist in our region, Saudi Arabia will continue to do what it can to guarantee the stability of oil markets,” the minister said.
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The Arab states of the Persian Gulf are the seven Arab states which border the Persian Gulf, namely Bahrain, Iraq, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates (UAE).This excludes the non-Arab state of Iran. All of these nations except Iraq are part of the Gulf Cooperation Council (GCC).
