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S. Arabia Brags Coop. to Boost Oil Market

S. Arabia Brags Coop.  to Boost Oil MarketS. Arabia Brags Coop.  to Boost Oil Market

Saudi Arabia will continue to work with all main oil producers to limit market volatility and is committed to meeting a big part of global oil demand based on commercial considerations, its Cabinet said on Monday, state news agency SPA reported. The Cabinet added in its statement after the weekly meeting that Saudi Arabia will continue to invest in its energy sector to keep its oil production capacity to help meet any extra demand or to deal with any disruption in global supply, Platts reported. "The kingdom seeks to achieve stability in the oil markets and will always remain in contact with all main producers in an attempt to limit volatility and it welcomes any cooperative action," the statement said. It comes days after the country's Oil Minister Ali al-Naimi voiced strong resistance when it came to a production cut, but indicating openness to a freeze. It is not like cutting production. That is not going to happen because not many countries are going to deliver even if they say they will cut production—they will not deliver, he said in a US conference last week.

 

Financialtribune.com