Saudi FM says oil market situation is ”weird”

Saudi Foreign Minister Prince Saud al-Faisal pledged to work for lower oil prices and said it was “weird” they had risen so high with a surplus of crude available on the market.

Prince Saud made his comments after talks with US Secretary of State Condoleezza Rice that covered the global energy landscape as well as regional and international issues.

The two said in a joint statement that their countries “have a shared strategic interest in secure and stable energy markets and moderate prices that support strong world economic growth. ”

Prince Saud said that the Saudi oil giant Aramco had made public plans to balance supply and demand on markets where the price of crude oil stood Thursday at nearly 70 dollars a barrel.

AFP