RIYADH: Saudi Arabia is satisfied that oil prices have fallen to a level that does not hamper global growth, Minister of Petroleum and Mineral Resources Ali Al-Naimi said on Wednesday, signalling success in a Gulf Arab effort to keep oil prices under control despite a halving of Iranian exports because of Western sanctions.
“Our countries have exerted major efforts to restore global oil market stability, a feat that has actually been achieved,” Al-Naimi told a meeting of Gulf Arab energy ministers in Riyadh.
“Stability has been restored and oil prices returned to levels which are suitable to both the consuming and producing nations and to the global economy and its growth,” Al-Naimi said.
