Saudi Minister of Petroleum and Mineral Resources Ali Al-Naimi yesterday said that Saudi Arabia was ready to meet rising demand for crude oil to ease the surge in world prices.
“My message to the world is that there is no shortage; there will be no shortage, and we are willing and ready to meet demand as it rises,” Al-Naimi told reporters on the sidelines of an oil conference in the UAE capital, Abu Dhabi. “We are producing around 9.5 million barrels per day, and we plan to maintain a spare capacity of 1.5 - 2 million barrels per day for the foreseeable future,” he said.
Source: SPA
