Lagos – Saudi Arabia, a major member of the Organization of the Petroleum Exporting Countries, OPEC, has said it wants stable oil prices.
Energy Minister, Abdulaziz bin Salman, made the call following unrest in the Middle East which has seen unstable oil prices since the beginning of the year.
Abdulaziz bin Salman on Monday said that Saudi Arabia would like to see stable oil markets and sustainable growth in crude demand and supply.
Asked whether or not OPEC+ would continue with its reigning cuts after March when the last cut deal is due, Abdulaziz bin Salman said it was too early to talk about the matter.
He also told an energy conference that the U.S. is a strategic partner with a big role in international security.
OPEC had predicted that oil prices in 2020 will recover smartly from late 2019 levels, as demand regains its mojo and supply growth continues to moderate.
In the forecast, the organisation said a weaker U.S. dollar—brought about by globally accommodative monetary policies and a reduction in economic policy uncertainty—also will support prices.