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FINANCIAL NEWS
Saudi says to up any crude supply gap
14 Mar 2012
(MENAFN) Saudi Arabia vowed to make up for any oil supply gap, as oil prices rally on fears of a potential loss of Iranian output, Reuters reported.
Saudi oil minister Ali Al Naimi previously said the kingdom was prepared to increase output only if it sees increased demand from customers.
Saudi Arabia, which is running close to record highs of about 10 million bpd, says it has the capacity to increase production to 12.5 million bpd.
As Saudi Arabia is the only producer with spare capacity, oil importers will rely on Riyadh to fill the gap left by Iranian output and exports drop.
Oil prices rose sharply this year to above USD125 a barrel for Brent crude.
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