Saudi King Abdullah bin Abdulaziz said Tuesday Saudi Arabia dealt in the past with oil markets' development "with a solid will," and would deal "wisely" with current oil prices' fluctuations.
"The developments in the international oil markets have many reasons, foremost the weak global economic growth," King Abdullah said in a written speech at the opening of the Shura Council's term, read on his behalf by Crown Prince Salman bin Abdulaziz
"These developments are not new in the oil market," he added.
He underlined that Saudi Arabia would defend its economic interest in a way that would gaurantee prosperity of its citizens and sustainable development.
He said Saudi Arabia was facing unprecedented regional challenges caused by conflicts in neighboring countries, which required vigilance.