Saudi Arabia Committed to Energy Market Stability; Foreign Minister Prince Faisal

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Munich, MoF Prince Faisal said that Saudi Arabia is committed to operating with its OPEC partners to ensure energy-market stability.

On Saturday in Munich, Foreign Minister Prince Faisal Bin Farhan said that Saudi Arabia is committed to operating with its OPEC partners to ensure energy-market stability.

Munich — Saudi Arabia is committed to working with its OPEC+ partners to ensure energy-market stability: the Foreign Minister Prince Faisal Bin Farhan said on Saturday,

Prince Faisal told the Munich Security Conference that the participation of all members is required to maintain energy market stability.

Prince Faisal’s answer came in response to whether the world’s top oil exporter would act to address any energy crisis from a potential Russian invasion of Ukraine.

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The minister hoped no crises would lead to fluctuation of markets, as Saudi Arabia persisted in working with its partners. All of its members share the oil market; a single member cannot, on its own, drive the market.

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The Saudi minister also said that the Kingdom was looking to schedule a fifth round of direct talks with Iran; despite a “lack of substantive progress” in previous sessions.

He voiced hope Iran had an earnest desire to find a “new modus operandi” in the region.

The Saudi minister explained that the Arab Coalition’s airstrikes guarantee the protection of civilians; noting that the Coalition in Yemen uses the same NATO standards in protecting civilians.

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He affirmed seeking to find a solution to the conflict in Yemen. “We will continue to support the legitimate government of Yemen and protect the places it controls,” he said.

He added, “We hope that the Houthis will put the interest of Yemen before the interest of any external party.”

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