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FINANCIAL NEWS
Saudi Arabia will meet any increase in oil demand: Al Naimi
11 Sep 2012
(MENAFN) Saudi Arabia vowed to keep up with any additional oil demand and help stabilise prices, Reuters reported.
The commitment was announced by Saudi Oil Minister Ali Al Naimi who reiterated that the recent increase in crude prices was not due to any supply shortfall.
Brent crude oil prices have surged about 20 percent since oil producers’ group Opec last met in June and have largely traded in a range of USD112-117 a barrel since mid August despite ongoing concern over weak economic growth.
A recent meeting between US government officials and oil market analysts sparked speculations that President Barack Obama may press ahead with an unprecedented second tapping of US government oil supplies.
Washington and its western allies are concerned that high oil prices could impact their troubled economies. The White House is looking to the Strategic Petroleum Reserve (SPR) for some relief.
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