Saudi Arabia reiterates efforts to stabilize oil market

File photo of a worker checking valve of oil pipe at Lukoil company owned Imilorskoye oil field outside West Siberian city of Kogalym. (Reuters)

Saudi Arabia’s Council of Ministers on Monday reiterated efforts to achieve stability in the oil market by checking fluctuations and meeting global energy demands, during a weekly cabinet session president by Saudi King Salman.

The Cabinet also discussed the deliberations on the global oil market at the Cambridge Week for Energy Research in Houston.

Saudi Minister of Social Affairs and Acting Minister of Culture and Information Dr. Majed Al-Qasabi said in a statement to the Saudi Press Agency following the Cabinet session that the Kingdom will continue interacting with all major oil producers in its bid to check fluctuations.

The Cabinet reiterated that Saudi Arabia will remain committed to meeting a large share of global energy demand on purely commercial basis.

It was also briefed on the outcome of the meetings of the finance ministers of G20 held in Shanghai. The Cabinet called for strengthening joint action through coordination among developed and developing countries and employ fiscal, monetary and structural policies to counter these challenges.

Al-Qasabi said the Cabinet commended the Ministry of Interior for its keenness to speed up its shift to electronic services.

The Cabinet also lauded the security forces, Customs and various agencies for their efforts in monitoring, tracking down and preventing attempts of smuggling drugs into the Kingdom, arresting those involved in drug smuggling, and carrying out their missions to protect the citizens from the scourge of drugs.

This article first appeared in the Saudi Gazette on March 1, 2016.

Last Update: Wednesday, 20 May 2020 KSA 09:46 - GMT 06:46