Saudi Arabia to announce launch of future F1 Grand Prix circuit

Saudi Arabia to announce launch of future F1 Grand Prix circuit”

Abdulaziz said he would like to have a stable oil market and sustainable growth "in terms of demand, supply, and predictability".

Energy minister Prince Abdulaziz bin Salman Al Saud said at an industry event in Dahran, Saudi Arabia, "we have taken every precaution that can be taken".

Washington and Riyadh blamed Iran for the attacks, a charge Tehran denied.

"We have taken every precaution that can be taken", the minister told reporters when asked whether Saudi Arabia had raised security after the recent USA and Iran strikes in Iraq.

Rumors of Saudi Arabia's candidacy for a spot on F1's calendar emerged a year ago, with reports suggesting the Kingdom was eager to host a Grand Prix as part of its Vision 2030 plan, a strategic social, economic and cultural program spearheaded by Crown Prince Mohammed bin Salman which ambitions to diversify the oil-rich kingdom's revenue streams and promote global tourism.

OPEC+ members will remain united in their stewardship of the oil market, whether or not their current production cuts are extended beyond their now scheduled March expiry, OPEC Secretary General Mohammed Barkindo said.

It has been discussed for some time, but according to reports in the UK, Formula 1 is finally set to agree a deal for Saudi Arabia to be added to the calendar from 2021.

Drone and missile attacks on Saudi Aramco oil facilities in September, blamed on Iran, slashed crude production from the world's top oil exporter by nearly half.

Prince Abdelaziz said the September crisis "showed the Saudi oil sector's flexibility and the Saudi leadership's long-term strategic vision, as well as Aramco's quality and strength".

"Faced with tensions that persist in our region, Saudi Arabia will continue to do what it can to guarantee the stability of oil markets", the minister said.

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