Saudi Arabia can deal with any shortage of oil supplies — official

RIYADH, Saudi Minister of Energy, Industry and Mineral Resources Khalid Al-Falih has emphasized that the Kindgom is able to deal with any shortage of international oil supplies.

Al-Falih, addressing India Energy Forum in New Delhi on Monday, added” We are reassuring the international community that we are partners in the oil markets .. Oil markets are balanced and it is hoped that demand will grow at a healthy pace in 2019.” Excerpts of his statement were carried by Al-Arabiya news network and the Indian media.

“We could have another (round of) unanticipated disruptions that we have seen in Nigeria, Libya and Venezuela. And we have seen sanctions on Iran. These supply disruptions need a shock absorber and the shock absorber to a large extent has been Saudi Arabia,” he said.

“Oil prices would have been back to three digits if Saudi Arabia hadn?’t taken steps to balance the oil market,” Al-Falih said.

Saudi Arabia has the capacity to produce 12 million barrels per day (bpd) and is currently producing 10.7 million bpd, Al-Falih said, adding that production will rise further next month.

The minister added that Saudi Arabia, the world’s biggest oil exporter, is committed to meeting India?’s rising oil demand as the Kingdom expects its oil production to rise next month from the current 10.7 million bpd.

Source: Kuwait News Agency