MBS says rise in oil prices based on market stability, not meant to help Russia

Saudi Crown Prince Mohammed bin Salman said in a US television interview on Wednesday that OPEC’s decision to cut oil production was based on market stability and was not intended to help Russia wage its war in Ukraine.

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“We just watch supply, demand. If there is shortage of supply our role in OPEC+ is to fill that shortage. If there is oversupply our role of OPEC+ is to measure that for the stability of the market,” the Crown Prince said in an interview on Fox News.

The Saudi leader, commonly referred to as MBS, said that the Kingdom has good relations with both Russia and Ukraine and that Riyadh is working hard to resolve the crisis between Moscow and Kyiv.

Asked about Russia’s war in Ukraine, MBS said that invading another country is “really bad.”

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In August, representatives from around 40 countries including China, India, the United States and Ukraine, but not Russia, took part in a peace summit in the Saudi city of Jeddah with the aim of seeking an end to the conflict.

With Reuters

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Saudi energy minister says OPEC+ cuts were needed to stabilize oil market