Saudi Arabia seeks oil market stability: Minister

Minister of Economy Faisal Al-Ibrahim said oil is no longer the primary driver of Saudi Arabia’s budget.

Speaking during a panel at the Qatar Economic Forum, Al-Ibrahim noted that the Kingdom consistently strives for long-term stability in oil markets. He noted that this requires a continuous flow of investments to ensure the supply the world needs.

The minister added that the Kingdom’s economy is always prepared for various oil price scenarios and the country has multiple strategies that enable it to adapt to long-term shifts.

A new form of globalization is emerging, and the global economy now requires strong local economies, Al-Ibrahim said, adding that weak domestic economies have a negative impact globally.