Saudi Energy Minister: We do not want to engage in a race to increase oil production

Economy and stock exchange

Saudi Energy Minister Khalid al-Falih said on Friday that he did not want to engage in a race to increase oil production to compensate for falling prices, saying the return to the price collapse situation in 2014-2015 was simply unacceptable.

"The ideal balance in the oil market has not been achieved and the market is affected by factors beyond our control," he said at an economic forum in St. Petersburg, Russia.