Saudi energy minister says he is 'always comfortable' with oil prices

Saudi Energy Minister Prince Abdulaziz bin Salman is "always comfortable" with crude prices, he said on Monday, adding that it was the U.S. government's prerogative whether to release supply from strategic petroleum reserves. President Joe Biden's administration said in November it would release about 50 million barrels from its reserves in conjunction with other consumer nations, such as China, India and South Korea, to combat the rising cost of fuel.

Saudi Energy Minister Prince Abdulaziz bin Salman is "always comfortable" with crude prices, he said on Monday, adding that it was the U.S. government's prerogative whether to release supply from strategic petroleum reserves.

President Joe Biden's administration said in November it would release about 50 million barrels from its reserves in conjunction with other consumer nations, such as China, India, and South Korea, to combat the rising cost of fuel. "I’m always comfortable," the Saudi minister told reporters in Dubai, in response to a question about prices continuing to rise. "The word 'concern' is not in my vocabulary."

The minister was attending the opening of the Abu Dhabi Sustainability Week Summit at the Expo 2020 site.

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