A Saudi prince reveals the “reason” for the decline in oil...

The Saudi Prince, Abdul Rahman bin Musaed, commented on the decline in oil prices, considering that the decision of US President Joe Biden about resorting to the reserve stock of his country did not affect this decline.

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And on his account on “Twitter”, Prince Abdul Rahman bin Musaed said: “The new mutator “Amicron” (from the Corona virus) is the cause of the drop in the price of oil, but Biden’s genius solution by resorting to reserves had no effect!!”

He added, “I do not see any conspiracy in the emergence of the new mutant, as its harm to the economies of countries is greater than the damage caused by the rise in oil prices. I think that this situation (the panic over the mutant and the drop in oil) will not last.”

The White House had previously announced in a statement that it would release 50 million barrels of strategic oil reserves within a few months, explaining that the move aims to help calm oil prices and achieve a balance between supply and demand. The White House believes that high oil prices affect economic growth.

President Joe Biden also pledged that his country would overcome the rise in fuel prices, saying that “resorting to strategic reserves will not solve the oil price problem quickly, but it will contribute to a gradual solution.”

Source: RT

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