Saudi tells G20 it won't change oil policy

The statement came from deputy premier and minister of defense addressing the G-20 summit on Saturday

Saudi Arabia has the largest production capacity (12.5mn bpd) of the OPEC countries.
Saudi Arabia has the largest production capacity (12.5mn bpd) of the OPEC countries.

Saudi Arabia will keep its oil policy unchanged and balanced, Crown Prince Salman, said on Saturday while addressing the G-20 summit.

The deputy premier and minister of defence also said that the country's approach to oil production, demand and supply are aimed at supporting the market's stability. 

"The Kingdom is continuing with its balanced policy and positive and influential role to promote the stability of the markets ... and taking into account the interests of producers and consumers of energy," the crown prince added.

"The Kingdom has invested heavily to keep the additional production capacity to enhance the stability of the global energy markets, and thereby supporting the global economic growth and its stability," he told the summit.

The comments come ahead of OPEC's long-awaited meeting on 27th of November, when producers will consider whether to cut output in order to shore up prices which have taken on a four-year slump in recent months.

In his keynote speech, Prince Salman said the Saudi economy has achieved a strong growth in recent years, especially in the nonoil sector.

He also added that the slow pace of global economic recovery, coupled with increased risks, demanded the implementation of economic policies and growth-supporting structural reforms as well as creating job opportunities.

"We have to continue strengthening the fiscal and structural policy frameworks in the economies of some member states," the crown prince said. Prince Salman emphasized the link between economic growth and world peace.

"We can't achieve one without the other, which requires all of us to cooperate and work together to address the issues that are considered a threat to peace," he said.

"We need to work to find a just and comprehensive solution to the Arab-Israeli conflict, as its continuation and the lack of solutions have contributed to the instability in the Middle East," he pointed out.

 Australian Prime Minister Tony Abbott opened the summit by urging world leaders to deliver an initiative to boost the global gross domestic product by $2 trillion.

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