DOHA (Pakistan Point News / Sputnik - 04th April, 2020) The rumors that Saudi Arabia wanted to sink oil prices to destroy the shale oil market are not true; the kingdom wanted to reduce the oil production and reach a balance in the global energy market, Foreign Minister Faisal bin Farhan Al Saud said on Saturday, as quoted by the Foreign Ministry.
"The Minister of Foreign Affairs says that the remark, attributed to Russian President Vladimir Putin by one of the media outlets, that one of the reasons for the decline in oil prices is the kingdom's withdrawal from the OPEC+ [oil output cut] agreement and the kingdom's desire to get rid of shale oil producers is untrue," the minister said.
"His Majesty [King Salman] confirmed that the kingdom's position regarding shale oil production is well-known: it is an important source of energy. The kingdom sought to further reduce oil production and achieve market balance, which is in the interests of shale oil producers contrary to the statement made by Russia and its desire to keep prices low to influence shale oil production," he added.
The minister also called on Russia and other parties to the OPEC+ deal to hold an urgent meeting to achieve a new agreement in order to restore balance in the global market.
