Saudi Arabia and OPEC's focus is on ensuring long-term market stability to meet growing demand, including from the U.S. and the rise of artificial intelligence, Saudi Minister Alibrahim said. Read also: Saudi summit helped isolate Russia,

U.S. President Donald Trump on Thursday proved that words can be just as powerful as actions — at least temporarily — after his promise to ask the Saudis and OPEC to lower the cost of oil led to a downturn in crude prices.

Saudi Arabia is ready to meet the growing global demand for oil. The priority is market stability, according to Faisal Alibrahim, Minister of Economy of Saudi Arabia. Asked whether Saudi Arabia would reduce the price of oil (after US President Donald Trump said in Davos that he would ask the kingdom and OPEC to do so),