Saudi Arabia is moving to cool the overheating energy market, boosting its exports to the US and reopening oilfields to expand output, as the world’s largest oil producer tries to prevent damage to the global economic recovery.
The Saudi cabinet said yesterday the kingdom would work “individually” and with others for the “return [of] oil prices to fair levels”.
Riyadh recently said it aimed to keep oil prices at $100. “High oil prices . . . can lead to negative effects on the global economy,” the cabinet agreed, according to the official Saudi news agency.
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