Saudi Arabia Clarifies Position on Oil Market: Price Matters

June 2, 2016 5:25 PM

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Saudi Arabia not only cares about crude oil prices but wants them to go higher to encourage investment in future production, the country’s new energy minister said ahead of an OPEC meeting that failed to agree a deal to limit output.

Khalid Al-Falih, speaking at the opening of the OPEC meeting in Vienna, clarified the comments of the kingdom’s powerful Deputy Crown Prince Mohammed bin Salman, who said Saudi Arabia didn’t care whether oil prices were at $30 or $70. “They are all the same to us,” the prince told Bloomberg in an in...

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