Prince Abdulaziz bin Salman said the oil producers’ organization and its allies does not target prices or price ranges. “Its aim is to support market stability and supply and demand balance.”

Oil prices tumbled back to pre-war levels Wednesday as recession fears returned to the forefront.

“We are seeing mixed signals in relation to economic growth from different parts of the world, and there has been a tendency toward exaggeration in some of the negative analyses of the global economic situation,” Prince Abdulaziz was quoted as saying.

Commenting on the market volatility, the Saudi energy minister reiterated that “there is a self-perpetuating vicious circle in the paper market of extreme volatility and very thin liquidity.”

He said: “This cycle is exacerbated by speculative reports and analysis about demand destruction, possible return of large supply volumes, and measures related to price caps, embargoes and sanctions.”