Saudi Minister of Finance Mohammed Al-Jadaan

The Kingdom neither targets very low oil prices that would paralyze energy investment, nor higher, out-of-control prices that negatively affect the global economy, CNBC TV channel reported, citing Saudi Minister of Finance Mohammed Al-Jadaan.

 

Very low oil prices are undesirable as they negatively affect and paralyze oil investments, which leads to a real energy crisis, as what is happening currently with gas, the minister said.

 

He added that Saudi Arabia targets balanced and acceptable prices from producers and investors, encouraging them to continue their investments.

 

The country also seeks prices that do not impact the global economic recovery, especially at this post-COVID-19 stage.

 

Balanced prices support the Kingdom's economic plans and diversified energy projects, Al-Jadaan concluded.

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