Saudi Arabia is committed to ensure energy market stability, Prince Faisal

MUNICH, TGO: Saudi Arabia is committed to working with its OPEC, partners to ensure energy-market stability, the Foreign Minister Prince Faisal Bin Farhan said on Saturday.

Prince Faisal told the Munich Security Conference that the participation of all members is required to maintain energy market stability.

Prince Faisal answer came in response to a question on whether the world’s top oil exporter would act to address any energy crisis from a potential Russian invasion of Ukraine.

“We hope there are no crises that lead to instability of markets and we will continue to work with our partners. The oil market is participated (in) by all of its members, one member cannot on its own manage this market.”

The Saudi minister also said that the Kingdom was looking to schedule a fifth round of direct talks with Iran despite a “lack of substantive progress” in previous rounds.

He voiced hope there was a serious desire by Iran to find a “new modus operandi” in the region.

The Saudi minister explained that the Arab Coalition’s airstrikes guarantee the protection of civilians, noting that the Coalition in Yemen uses the same NATO standards in protecting civilians.

He affirmed seeking to find a solution to the conflict in Yemen. “We will continue to support the legitimate government of Yemen and protect the places it controls,” he said.

“We hope that the Houthis will put the interest of Yemen before the interest of any external party,” he added.