Saudi Arabian King Salman says oil policy aimed at promoting market stability

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Saudi Arabia’s King Salman bin Abdulaziz said on Wednesday the kingdom’s oil policy aims to promote stability in global oil markets, and serves consumers and producers alike.

He also said the initial public offering of state oil giant Saudi Aramco will allow investors inside and outside the country to take part and will create thousands of jobs, in an annual address to the Shura Council advisory body.

He said Aramco’s ability to quickly restore oil production capacity after attacks in September proved the Kingdom could meet global demand during any shortage.

He reiterated that Iranian weapons were used in the attacks against Saudi Aramco’s key oil facilities.

US intelligence shows that the attack on two of Saudi Arabia’s oil facilities originated from Iran and the Arab Coalition’s preliminary findings showed the weapons were made by Iran.

Arab Coalition Spokesperson Colonel Turki al-Maliki said on September 18 that the attack was “unquestionably sponsored by Iran” and “did not originate from Yemen despite Iran's best efforts to make it appear so.”

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