Saudi Arabia is committed to working with its OPEC+ partners to ensure energy-market stability, the country’s foreign minister said on Saturday, adding this required the participation of all members.

Prince Faisal bin Farhan Al Saud was responding to a question on whether the world’s top oil exporter would act to address any energy crisis from a potential Russian invasion of Ukraine.

“We hope there are no crises that lead to instability of markets and we will continue to work with our partners… The oil market is participated [in] by all of its members, one member cannot on its own manage this market,” he told the Munich Security Conference.

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Commenting on the situation in Lebanon, Prince Faisal said Lebanon must offer stronger signals that it is serious about reform to secure support from the international community as it struggles with a financial crisis.

“Lebanon first needs to be actively saving itself… We need a stronger signal from the Lebanese body politic that they are going to step up,” he said.

He added this included stabilizing the economy and addressing issues of corruption and mismanagement as well as “regional interference and loss of state sovereignty.”

Lebanon’s ties to the Arab Gulf and particularly Saudi Arabia, formerly a major donor to Beirut, hit rock bottom last year over what the Saudi foreign minister said was the growing influence of Iran-backed Hezbollah in the country.

Lebanon has been in crisis since late 2019 when the financial system unraveled under the weight of huge public debts, sinking the currency by more than 90 percent and plunging a majority of the population into poverty.
Source: Reuters