Saudi confident to deal with low oil price

Saudi Crown Prince Salman bin Abdulaziz Al Saud said on Tuesday that his government is confident to deal with global oil price slump, the Saudi Press Agency reported.

He made the remarks while addressing the third year inauguration of the sixth Shura (consultative) council session.

The recent oil market developments are due to numerous variables and weak global economic growth, said the crown prince, adding that his country has previously handled these situations wisely and astutely.

He also said that Riyadh will continue defending its economic interests and global position, while promoting prosperity, sustainable development and the interests of current and future generations at the same time.

With oil prices declining across the world, Saudi Arabia approved in last month the 2015 budget with 38.6 billion U.S. dollars in deficit, following years of budget surpluses.