Saudi Arabia to ‘uphold balanced’ oil policy

The crown prince also says the kingdom will continue to bolster security and stability in the region

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Saudi Crown Prince Salman bin Abdulaziz said Saturday that the kingdom would maintain its “balanced” oil policy and urged world leaders to work toward resolving the growing crises in the Middle East.

“The kingdom is continuing with its balanced policy and positive and influential role to promote the stability of the markets ... and taking into account the interests of producers and consumers of energy," the crown prince said in a speech on behalf of Saudi King Abdullah bin Abdulaziz, according to the Saudi Press Agency.

"The kingdom has invested heavily to keep the additional production capacity to enhance the stability of the global energy markets, and thereby supporting the global economic growth and its stability,” Prince Salman, who is in Australia taking part in the G20 summit, said.

His comments come ahead of a pivotal meeting of OPEC on Nov. 27, where producers will consider whether to cut output in order to shore up prices that have dived more than 30 percent to four-year lows below $80 a barrel.

In the speech, Prince Salman noted the links between the global economy and security and urged states with capabilities and influence to help end the lingering conflicts in the Middle East such as the Arab-Israeli conflict and raging war in Syria.

“The slow pace of the recovery of the global economy and the increasing dangers requires the continuation of economic policies and reforms favoring growth as well as increasing job supply and continuing the implementation of fiscal policies to put an end to the dangers that threaten global economic stability,” he said.

“All of us understand the intricate relationship between economic growth and global peace as one cannot be achieved in the absence of the other,” he added.

“This requires all of us to cooperate and work to resolve issues that represent sources that threaten peace,” the crown prince said, noting the need for a “just and comprehensive” settlement to the longstanding Arab-Israeli conflict.

“The lingering of this crisis without a solution directly helped prevent stability in the Middle East.”

The crown prince also turned to the ongoing war in Syria, saying the four-year-old conflict was exacerbating the suffering of Syrians and had increased “polarization and the spread of violence and terrorism to countries in the region.”

“We urge members of the [G20] group that have influence as well as the international community to cooperate and work [with us] to assist the countries in the region to find the appropriate remedies to these issues,” he said.

The prince voiced the kingdom’s readiness to continue supporting international efforts to bolster security and stability in the region.

The crown prince arrived in the northern Australian city of Brisbane on Thursday, joining world leaders for the G20 summit which will this year discuss economic growth, employment and ways to avoid financial shocks.

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