Saudi Arabian oil minister Ali al Naimi reiterated Sunday that the kingdom, along with its Persian Gulf neighbors, will step up to cover any shortages in the world oil markets.
Saudi Arabian oil minister Ali al Naimi reiterated Sunday that the
kingdom, along with its Persian Gulf neighbors, will step up to cover any
shortages in the world oil markets.
"If there is any shortage of oil anywhere in the world, the Gulf countries
led by
Saudi Arabia
will
cover this shortage," Mr. Naimi told reporters on the sidelines of an
industry event here.
"
Saudi Arabia
adjusts its output on demand, not prices," he added.
"It is not about
Saudi Arabia
being
content about oil prices, it is about consumers, and I think consumers are
happy today, which is being shown in their statement and the slight improvement
in the global economy," he said. He said if the "global economy is
doing better than it was in March, then I'm happy with the current price [of
oil]."
Mr. Naimi had earlier said that his country and other OPEC members have helped
support the global economy by ensuring the international oil market remains
well supplied and the oil price doesn't get out of control.
Echoing comments made by his Iraqi and U.A.E. peers, the minister said Sunday
that the oil market was well balanced, and inventory levels comfortable. "The
market really is in a good shape. We are very happy with the situation in the
market," Mr. Naimi said.
Saudi Arabia
is on
track to surpass its record oil output this year, offsetting a decline from
Iran
because of international sanctions against
Tehran
's
nuclear program.
Earlier Sunday, Mr. Naimi said that the kingdom currently produces around 9.7
million barrels of crude oil a day, maintaining the levels from October and
September.
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