F1 reportedly in £50m per year talks over Saudi GP

Saudi energy minister - We want sustainable oil prices

Saudi Arabia has stepped up security at oil facilities following the recent strikes in Iraq, to ensure the safety and stability of operations amid ongoing unrest in the Middle East, Kallanish Energy learns.

He also told an energy conference that the United States is a strategic partner with a big role in global security.

-Iranian tension and wants to see sustainable prices and demand growth, the kingdom's energy minister said on Monday.

Just before Saudi oil facilities were attacked in September, Saudi Arabia was pumping 9.9 million barrels per day, or almost 10 percent of world demand.

The minister said Saudi Arabia's oil production would hit 9.77 million barrels per day in January and February.

Discussions on further production cuts by OPEC members led by Saudi Arabia and other non-OPEC oil-producing countries, including Russian Federation, have been postponed for March, Fineko/abc.az reports.

The arrival of F1 would mark another big moment as Saudi Crown Prince Mohamed bin Salman implements his Vision 2030, which sees the country open up and diversify away from a reliance on oil.

The report also states that F1 has "struck a global sponsorship deal" with Saudi Arabian oil giant Aramco, the world's richest company valued at $2 trillion, meaning the race would likely be known as the "Aramco Saudi Arabian Grand Prix".

The world's top oil exporter, Saudi Arabia suffered missile and drone attacks on its oil facilities on September 14 that temporarily halved output.

And a string of attacks on vessels in the troubled waters of the Gulf past year, which Washington and its allies blamed on Iran, also stoked fears for the security of global supply.

Saudi Aramco last month floated its shares on the stock exchange for the first time but was hit more than a week ago by a panicky sell off amid Iranian vows of retaliation for Soleimani's killing.



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