In an interview with the Saudi Press Agency (SPA) on the international oil market, Minister of Petroleum and Mineral Resources Ali bin Ibrahim Al-Naimi was quoted as saying:
“The Kingdom of Saudi Arabia, in collaboration with the other OPEC member countries, endeavours to ensure the stability of the international oil market and prevent oil prices from escalating in a way that may negatively affect the world economy or oil demand. To achieve this goal, the Kingdom has increased its oil production during the past three months to meet the growing demand for Saudi oil. This increase amounted to over one million barrels per day, bringing to over 9.3 million barrels per day the average production of the Kingdom during the past three months. When the production of condensates and gas liquids is added, the production of Saudi crude averaged to ten million per day.”
His Excellency said that the Kingdom’s policy is aimed at meeting all demands of its customers from international oil companies. He explained that in the forthcoming month, the total requirements of Saudi crude oil by oil companies from Europe, Asia and North American markets (along with domestic demand) is over 9.3 million barrels per day, which will be met in full with no exclusions or reductions. “The Kingdom is well prepared to meet all the requirements of international oil companies if they need additional volumes, relying on its surplus production capacity of more than 1.3 million barrels per day, which could be used immediately if required,” Al-Naimi said.
Concluding his remarks, the Minister said that the Kingdom's oil policy is based on the directives of Custodian of the Two Holy Mosques King Fahd bin Abdul Aziz Al Saud, and Crown Prince Abdullah bin Abdul Aziz, the Deputy Premier and Commander of the National Guard, to avoid any shortage of oil supplies to the international oil market, provide sufficient oil supply as required, and prevent soaring prices that may impact the growth of global economies, especially in developing countries.
Source: SPA
