Reuters | | Posted by Nisha Anand
Saudi King Salman said on Sunday the kingdom was working hard to support stability and balance in oil markets, including by establishing and maintaining the agreement of the OPEC alliance.
King Salman bin Abdulaziz said in an address to the kingdom’s advisory Shura Council that his country was a mediator of peace and highlighted the crown prince’s initiative to release POWs from Russia last month.
King Salman also called on Iran to fulfill its nuclear commitments and cooperate with the U.N. nuclear agency.
Earlier, OPEC secretary general Haitham Al Ghais said on Sunday that “oil markets are going through a stage of great fluctuations” during his two-day visit to Algiers. Al Ghais added that the goal of OPEC and producers outside the organisation is to maintain market stability.
Also Read | US says Saudi forced OPEC nations into oil cut amid escalating war of words
Last week in a key OPEC meet, a decision was taken by the members to cut the oil production. The OPEC decision was adopted through consensus, took into account the balance of supply and demand and was aimed at curbing market volatility, the Saudi foreign ministry said in a statement on Thursday.
The United States, unhappy with oil-cuts, said that it would “increase Russian revenues and blunt the effectiveness of sanctions” against Moscow after it invaded Ukraine in February. The production cut is the latest sign of deteriorating U.S.-Saudi relations since Biden took office.