Saudi Gazette report

RIYADH — Saudi Arabia's Minister of Energy Prince Abdulaziz Bin Salman said oil and gas sector was the most affected by the coronavirus pandemic. “No country has done what the Kingdom has done in caring for its citizens during the coronavirus pandemic crisis,” he said while addressing the Saudi Budget Forum 2021 session titled “Challenges of Global Energy Markets” on Thursday.

Prince Abdulaziz said that oil markets have improved greatly thanks to the Saudi leadership, and it was because of the noninterference in market mechanisms and not targeting specific prices, as it does not help if there is a sharp decline in demand.

The minister said that economic diversification is important and must be linked to the diversity of sources of income.

“There was a decrease in demand for petroleum products in 2020 compared to 2019. In three days, we were able to gather OPEC Plus and reduce production, and we thank OPEC and its allies for restoring stability to the markets,” he said while explaining that the market situation has improved greatly, after the price of oil, which was $19.3 in April, closed on Wednesday at $51.1, and this is the product of a country that has done a remarkable work to maintain the global oil market stability.