President said Saudi crown prince had briefed him on a number of economic initiatives the Kingdom is embarking on LONDON: South African President Ramaphosa welcomed on Sunday the decision taken by Saudi Arabia and other OPEC countries to focus on price stabilization in their management of oil production. In a statement, the president said rising oil prices contribute to higher fuel costs in his country which puts further pressure on small businesses, consumers, and households. “The burden is heavier for the working class and unbearable for the poor,” he said. The president visited Jeddah recently and said Crown Prince Mohammed bin Salman briefed him about a number of economic initiatives the Kingdom is embarking on including Saudi intentions to ensure oil price stability. The president said he appreciated the development as a measure that could provide relief to South Africa’s pressured economy.