Bin Salman: Saudi holds 5% of global uranium reserves

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Bin Salman: Saudi holds 5% of global uranium reserves

Saudi Crown Prince Mohammed bin Salman has dismissed the seven missiles the Houthi insurgents fired at Saudi Arabia from Yemen on Sunday as "a last-ditch effort" that only showed they were weak.

The crown prince also met with 40 executive officials of several major U.S. companies and reviewed the importance of working on joint projects with Saudi Arabia.

Saudi Arabia has led the Organisation of the Petroleum Exporting Countries (OPEC) and allies outside the cartel to join forces to stabilise oil prices.

Russia, never a member of OPEC, has worked alongside OPEC during previous oil gluts, dating back to 1990, but a 10-20 year deal between the two would be unprecedented.

Crude has since recovered to $70 but fast-rising output from USA shale producers has capped prices.

"OPEC countries want to find a way to institutionalize this relationship rather than to have it be a one-shot deal".

The Saudi prince, who started a two-week visit to the USA last week, added: "My visit to the United States is to get technology and education techniques to the Kingdom".

"History shows that without a long-term, powerful, competent coherent, disciplined swing producer in the oil markets. you get space-mountain oil prices".

Saudi Arabia, Russia and other oil producers agreed to cut oil production in 2017 after a slump in oil prices hurt finances of the countries.

The crown prince predicted that world oil demand would not peak until 2040, despite advances in renewable energy technologies and the electric vehicle.

His Royal Highness also reiterated Bahrain's solidarity and unwavering supportive stance with the sisterly Kingdom of Saudi Arabia in all the measures it takes to preserve its security and stability.

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