Business News Asia
Davos, Switzerland – The World Economic Forum (WEF) saw a significant statement from the Saudi Foreign Minister yesterday as he announced that oil prices in the global market have begun to stabilize once again. This development reflects the success of the policies implemented by oil-exporting countries and their allies, otherwise known as OPEC+.
Despite facing conflicts with the United States over changes in production policies, OPEC+ proceeded in the right direction, with Saudi Arabia taking the lead as the world’s largest oil exporter. The kingdom has played a crucial role in stabilizing the oil market and the global economy.
In addition to stabilizing the market, Saudi Arabia has also pledged to support clean energy. This comes as OPEC+ held a production policy meeting on December 4th, where they agreed to cut output by 2 million barrels per day through the end of 2023. This decision was met with anger from the US and the West, who argue that production capacity needs to be increased.
The statement from the Saudi Foreign Minister at WEF serves as a reminder of the important role that OPEC+ and Saudi Arabia play in maintaining stability in the oil market and the global economy.