Saudi Crown Prince Says Kingdom Continues With Its Balanced Oil Policy

Saudi Arabia is continuing with its balanced oil policy to support the market’s stability, Crown Prince Salman bin Abdulaziz Al Saud said on Saturday, according to a copy of his speech at the G20 summit published by state news agency SPA.

“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 Kingdom’s Prince Salman said in the speech according to SPA.

“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.”

The top oil exporter and OPEC heavyweight has a production capacity of 12.5 million barrels per day.

The comments come ahead of a pivotal OPEC meeting 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.