The United Arab Emirates supports Saudi Arabia in the idea of ​​a stable and balanced energy market

MADRID, 18 Oct. (EUROPA PRESS) -

The Foreign Ministry of the United Arab Emirates (USA) has supported this Monday the declaration of its Saudi counterpart to support a stable and balanced energy market, according to a statement collected by the state news agency WAM.

"The Ministry has affirmed the full support of the United Arab Emirates to the sister kingdom of Saudi Arabia in its efforts to support energy stability and security, in a way that achieves the interests of producers and consumers, and promotes economic growth and development of the world. world", reads the letter from the ministerial portfolio.

The UAE has also indicated that it supports its neighbor in the latest decision by the Organization of the Petroleum Exporting Countries and its allies (OPEC), which included a review of the oil markets with the consequent reduction in production.

"The decision was collective and was based on the vote of the OPEC group", assured the Emirati Executive.

"As a member of the group and a partner of the kingdom of Saudi Arabia", the UAE affirms the "technical nature of the decision and rejects the statements that pressure it to politicize (the institution)," the government text continues.

The King of Saudi Arabia, Salman bin Abdulaziz, assured this Sunday that his country is interested in the situation of the international oil market remaining "stable and balanced". Salman announced that Saudi Arabia is making an effort, "within its energy strategy, to support the stability and balance of the world oil market," according to what he indicated in a speech before the Shura Council - an influential body that advises the king - collected by the Saudi Gazette media.

Regarding economic matters, the Saudi king pointed to the economic boom as a result of the political measures put into operation: "The kingdom is moving at an accelerated pace to counteract environmental challenges, in particular climate change." In this sense, he celebrated that Riyadh had been able to "reduce the effects of inflation (...), thanks to its monetary, financial and economic policies."

These statements come after Saudi Arabia received criticism for OPEC's decision to cut its crude oil production. Given this, Riyadh stressed that they "are not based on facts" and present the measure "on the sidelines in its economic context."

"The results are based purely on economic considerations that take into account maintaining a balance of supply and demand in the oil markets, as well as limiting volatility that does not benefit the interests of consumers and producers," explained the Saudi Executive. it's a statement.

In this sense, Riyadh rejected the critics that describe his position as "a position in international conflicts" --in reference to the war in Ukraine-- and "a politically motivated decision against the United States."