Saudi Arabia’s Al-Falih: We don’t want to engage in race to up oil output

Reuters
A woman is seen behind the logo of the St. Petersburg International Economic Forum (SPIEF), Russia, June 6, 2019. (Reuters/Maxim Shemetov)

ST. PETERSBURG: Saudi Energy Minister Khalid Al-Falih on Friday said he is unwilling to engage in a race to increase oil output to compensate for lower prices, saying a return to the price-crash environment of 2014-15 is simply unacceptable.
Speaking at an economic forum in St Petersburg, Russia, Al-Falih said that perfect stability on the oil market had not been achieved and the market was being influenced by factors outside "our" control.  

Topics: SPIEF St. Petersburg Russia Saudi Arabia Khalid Al-Falih St. Petersburg International Economic Forum (SPIEF) 2030 Economy economy 2030