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Kingdom Saudi Arabia’s step to stabilize oil market

As a step to stabilize the oil market, leading world crude exporter Saudi Arabia on Thursday made a call for a meeting of the OPEC+ oil producers.

“The kingdom calls for an urgent meeting of OPEC+ and a group of other countries with the aim to try and reach a fair deal to restore balance to the oil market,” said a statement carried by the Saudi Press Agency.

A phone call took place between US President Donald Trump and Saudi Crown Prince Mohammed bin Salman in this matter.

“This call comes in the framework of the kingdom’s continued support for the global economy under these exceptional circumstances and in estimation of a call by US President Donald Trump and US friends,” the statement said.

In an attempt to stabilize the oil production, the kingdom opened its crude oil taps, deciding to raise its production to a record 12.3 percent from April 1.

It later said it will export at least 10 million bpd in April, which will be raised to a record high 10.6 million bpd to flood the global markets.