- Title: SAUDI ARABIA: Saudi says oil supply enough, ready to meet shortages
- Date: 25th September 2013
- Summary: RIYADH, SAUDI ARABIA (SEPTEMBER 24,2013) (REUTERS ) GULF COOPERATION COUNCIL (GCC) ENERGY MINISTERS ARRIVING TO GCC HEADQUARTERS VARIOUS OF GCC ENERGY MINISTERS STANDING FOR MEMORIAL PHOTO WIDE OF GCC ENERGY MINISTERS SEATED AT MEETING BAHRAIN'S MINISTER FOR SUPERVISING OIL AND GAS AFFAIRS, SHEIKH AHMED AL-KHALIFA, WELCOMING ATTENDANCE GCC OIL MINISTERS SEATED AT MEETING GCC LOGO KUWAITI OIL MINISTER, MUSTAPHA AL-SHAMALI, TAKING NOTES DURING MEETING OMANI OIL MINISTER, MOHAMMED BIN HAMAD AL RAMHY, SEATED AT MEETING SAUDI OIL MINISTER, ALI AL-NAIMI, APPLAUDING GCC OIL MINISTERS LEAVING CONFERENCE ROOM GCC LOGO MINISTERS STANDING OUTSIDE CONFERENCE ROOM (SOUNDBITE) (Arabic) SAUDI OIL MINISTER, ALI AL-NAIMI, SAYING: "The kingdom always tries to meet any shortage for any reason. We did it in the past and we will do it in the future because we have capacity." SECURITY GUARD (SOUNDBITE) (Arabic) SAUDI OIL MINISTER, ALI AL-NAIMI, SAYING: "I'm always asked and have always answered, the market is in good condition. Supply is adequate, inventories are excellent." FLAGS OF GCC COUNTRIES
- Embargoed: 10th October 2013 13:00
- Keywords:
- Location: Saudi Arabia
- Country: Saudi Arabia
- Topics: General
- Reuters ID: LVA428XJVDZ6SCSL7BX00PFP2XK8
- Story Text: The oil market has enough supply and prices are at a favourable level, Saudi Arabia's oil minister said on Tuesday (September 24), affirming the willingness of the world's top crude exporter to meet shortages.
Saudi Arabia pumped oil at a record rate of more than 10 million barrels per day (bpd) in August, helping to cushion the market from the virtual shutdown of Libya's exports and reduced output from other countries including Nigeria and Iraq.
"The kingdom always tries to meet a shortage for any reason. We did it in the past and we will do it in the future because we have capacity," Saudi Oil Minister Ali al-Naimi told reporters after a Gulf Arab oil ministers' meeting in Riyadh.
He also reiterated that Saudi Arabia had an oil production capacity of 12.5 million bpd.
"I'm always asked and have always answered, the market is in good condition. Supply is adequate, inventories are excellent," Naimi said.
Saudi Arabia favours an oil price of around $100 a barrel. Brent crude rose to above $117 in August on the loss of Libyan supply and the prospect of U.S. military action against Syria.
The price has since come down and was trading below $108 on Tuesday as the threat of a U.S. strike on Syria had receded and on signs of Libyan output starting to recover.
But on Wednesday (September 25), Brent crude oil futures climbed above $109 a barrel as investors remained sceptical whether relations between the United States and Iran would thaw amid new talks over the OPEC nation's nuclear program.
Kuwaiti Oil Minister Mustapha al-Shamali, who also attended the ministers' meeting, said he hopes his country can achieve oil production capacity of 4 million bpd by 2020.
Kuwait's current production is 3.2 million bpd, Shamali told reporters.
According to the latest Reuters OPEC survey, Kuwait produced a record high of 2.85 million bpd in August and 3.2 million bpd would be 12 percent above that.
Last week, the head of state-run Kuwait Oil Company said some of the projects that are part of Kuwait's 2020 target would produce far less oil than hoped. - Copyright Holder: REUTERS
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