Saudi Arabia’s oil minister said the price war it started last month that drove global benchmark Brent crude to 18-year lows was an “unwelcome departure” from its strategy to pursue collective oil cuts.
Abdulaziz bin Salman, who is the son of the king, said in an interview with the FT that the kingdom’s moves to escalate production and drastically cut export prices were necessary to create a financial buffer for its economy.
“[Engaging in a price war] was an unwelcome departure from our end, but we had to because of a desire to capture some revenues versus sitting on our hands and doing nothing,” said Prince Abdulaziz.
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