Janice R. Andrews
Saudi Arabia has delivered a major setback to U.S. President Donald Trump’s latest initiative aimed at reducing global oil prices. Speaking at the Davos forum in Switzerland, Saudi Economy Minister Faisal Alibrahim strongly opposed the proposal, highlighting the kingdom’s commitment to sustaining stability in the international oil market.
Addressing Trump’s call for lower oil prices, Alibrahim remarked, “The kingdom’s position, OPEC’s position, is all about long-term market stability to ensure there’s enough supply for growing demand.” This statement reinforces Saudi Arabia’s dedication to a balanced oil market, rejecting short-term price reductions that might disrupt the equilibrium between supply and demand worldwide.
Beyond opposing price cuts, Saudi Arabia emphasized its strong economic relationship with the United States. Minister Alibrahim referenced $600 billion in investments and enhanced trade initiatives led by Crown Prince Mohammed bin Salman. This impressive sum encompasses investments and procurement activities across both public and private sectors, showcasing the profound and lasting partnership between the two countries.
Alibrahim also confirmed Saudi Arabia’s resolve to continue trading with the U.S. and to fulfill or even exceed their investment obligations. “This number represents investments, procurement, public and private sectors, and it’s a reflection of the strong relationship,” he stated.
Saudi Arabia’s unwavering position ensures ongoing stability in the global oil market, effectively countering Trump’s attempts to manipulate oil prices for strategic advantages.
