Low oil prices are not Saudi Arabia’s “battle,” the kingdom’s deputy crown prince said in an interview with Bloomberg published on Saturday, a day before a widely-anticipated OPEC meeting is held in Doha.
Prince Mohammad bin Salman, speaking at King Salman’s private farm in Diriyah, acknowledged that it would be favorable if oil prices rose, but said that low prices were not of foremost concern for Saudi Arabia.
“If prices went up to $60 or $70, that would be a strong factor to push forward the wheel of development,” Prince Mohammed said. “But this battle is not my battle. It’s the battle of others who are suffering from low oil prices.”
He added: “We have our own programs that don’t need high oil prices.”
Brent crude futures settled at $43.10 a barrel on Friday. The price has rebounded by more than 50 percent from a 12-year low of $32 a barrel in January.
