Saudi Arabia targets balanced oil prices supporting energy investment: Al-Jadaan

Balanced prices support the Kingdom's economic plans and diversified energy projects, Saudi Minister of Finance said

  
Saudi Minister of Finance Mohammed al-Jadaan gestures as he speaks during a news conference to announce the country's 2021 budget, in Riyadh, Saudi Arabia December 15, 2020.

Saudi Minister of Finance Mohammed al-Jadaan gestures as he speaks during a news conference to announce the country's 2021 budget, in Riyadh, Saudi Arabia December 15, 2020.

REUTERS/Ahmed Yosri

RIYADH Saudi Arabia neither targets very low oil prices that would paralyze energy investment, nor higher, out-of-control prices that negatively affect the global economy, Saudi Minister of Finance Mohammed Al-Jadaan told CNBC TV on Wednesday.

“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 said.

Finance minister said that an “even worse” energy crisis could be triggered if the world is not careful with its climate policies.

“If we are not careful about what we are doing to achieve our targets, we may end up having very serious energy crisis like what we are seeing now, and it could be even worse in the future.” — SG

 

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