Saudi Arabia, the world’s largest oil exporter, and de facto OPEC leader, is trying to calm global oil market jitters, and at least for now, it’s working. Saudi Arabia’s council of ministers said on Wednesday that the kingdom “will do everything in its power to prevent any war and its hand is always extended to peace,” adding the government was committed “to achieving balance in the (oil) market and working towards its stability on a sustainable basis.” The statement also came less than a day after the American Petroleum Institute (API) said that U.S. crude stockpiles rose by 2.4 million barrels (bpd) last week, to 480.2 million barrels, compared with analysts’ expectations for a decrease of 599,000 barrels. Both developments put downward pressure on global oil prices in early Wednesday trading. These developments also come as the OPEC+ group of producers, which includes production heavyweights Saudi Arabia and Russia, […]