Saudi Crown Prince Mohammed bin Salman said in an interview on Fox News on Wednesday that OPEC's decision to cut oil production was based on market stability and was not intended to help Russia wage its war in Ukraine.

The crown prince said in an interview "We just watch supply, demand. If there is a shortage of supply our role in OPEC+ is to fill that shortage. If there is oversupply our role of OPEC+ is to measure that for the stability of the market".

Market reaction

Crude oil prices remains on the defensive following this headline. As of writing, the barrel of West Texas Intermediate (WTI) is down by 0.01% trading at $89.00