Saudi Energy minister believes that they can stabilize the global crude markets again
According to Saudi Energy Minister Prince Abdulaziz bin Salman, OPEC and the other oil-producing giants that work with it, is in the process of getting the global crude markets back on track.
“We do communicate with each other, we use every opportunity to talk with each other. We did not run out of ideas, we haven’t lost our phones and there are always good ways of communicating through conference calls and technology is very helpful,” Minister Prince Abdulaziz bin Salman told the reporters at the ICCUS conference in the Saudi capital of Riyadh.
The comments from the prince emerged as speculations started revolving around whether there’s a tension in the alliance, to which the prince responded by stating that he was quite confident about the partnership.
Oil prices recovered on Tuesday after crude benchmarks tumbled down as much as 4% in the previous session as a result of the impact of the coronavirus which affected the already weakened global demand and a build in U.S. crude oil inventories. According to CNBC, Brent crude for April delivery was trading at $56.79 per barrel Tuesday, while West Texas intermediate (WTI) was trading at $51.87.
(Image source: REUTERS | Satish Kumar | File Photo)