Sunday, June 9, 2024

NewsHorizon

Where your horizon expands every day.

BusinessWorld

The Saudi crown prince has stated that the increase in oil prices is not intended to benefit Russia.


The US television interview with Saudi Crown Prince Mohammed bin Salman on Wednesday revealed that the OPEC’s choice to decrease oil production was motivated by a desire for market stability, not by a desire to assist Russia in its conflict with Ukraine.

In an interview with Fox News, the crown prince stated that OPEC+ closely monitors supply and demand. If there is a shortage in supply, their responsibility is to meet that demand. Similarly, if there is an oversupply, their role is to assess it in order to maintain market stability.