Saudi Arabia will not impose any new taxes until 2030 and the unemployment rate in the kingdom will begin to decline from 2019, Crown Prince Mohammed bin Salman bin Abdulaziz has said.
In an interview with Bloomberg, he said the kingdom is moving in the right direction, and a major deal will be announced in two weeks.
The Crown Prince also affirmed that the kingdom is able to protect its interests and it buys weapons from the US and does not take them for free, said a Saudi Press Agency report quoting the Bloomberg report.
He said the kingdom had 1.3 million barrels of oil a day ready in case the market needs it.
He also said that all the armaments the kingdom gets from the US are paid for.
On oil price, he said the oil price depends on supply and demand. “What we are committed in Saudi Arabia is to make sure there is no shortage of supply. So we work with our allies in Opec and also non-Opec countries to be sure that we have a sustainable supply of oil and there is no shortage and that there is good demand, that it will not create problems for the consumers and their plans and development,” said the Crown Prince.
Prince Mohammed said Saudi Arabia produced around 10.7 million oil now and had spare capacity of 1.3 million without any investment.
Source Credit: Trade Arabia