Saudi energy minister - We want sustainable oil prices

Saudi energy minister - We want sustainable oil prices

Saudi energy minister - We want sustainable oil prices

Saudi Arabia's Energy Minister said the kingdom has taken all precautions to ensure the safety of oil facilities after recent strikes in Iraq.

The agreement of 50 million pounds per year to hold a Formula 1 race in Saudi Arabia in 2021 is coming closer to reality. "The worst thing is to have low oil prices that permanently damage the industry".

Oil prices held steady on Monday as the United States and Iran appeared to retreat from the brink of full-blown confrontation after a U.S. drone strike killed an Iranian commander on January 3 and Iran retaliated with missiles launched against USA bases in Iraq.

Prince Abdulaziz also said the United States was a strategic partner with a big role in global security.

The US drone strike that killed Iranian general Qassem Soleimani on January 3 has exacerbated fears of broader conflict in a region that has seen attacks on ships and Saudi oil facilities in the previous year.

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The minister said Saudi Arabia's oil production would hit 9.77 million barrels per day in January and February.

In December, in the presence of the OPEC cartel and 10 other oil producing countries, the kingdom announced it would cut its production in order to support prices.

The world's top oil exporter, Saudi Arabia suffered missile and drone attacks on its oil facilities on September 14 that temporarily halved output.

Just before Saudi oil facilities were attacked in September, Saudi Arabia was pumping 9.9 million barrels per day, or almost 10 percent of world demand.

As well as the discussions to host a GP within the country, it has also been reported that F1 has already agreed a global sponsorship deal with state-owned oil firm Aramco and that the city of Qiddiya is set to be the long-term home of any potential GP following the completion of a multi-purpose project being developed around 45km from the capital Riyadh.

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