Saudi to compensate Libyan oil production

10 Apr 2011

(MENAFN) Saudi Oil Minister, Ali Al Nuaimi, said that his country would supply Asia with needed quantities of oil as countries face a shortage in supply due to the political unrest in Libya, reported Gulf Daily News.

Al Nuaimi added that since the country has a large spare capacity of oil production, the kingdom is able to respond to any increase or drop in international demand and supply.

He said that following the Libyan conflict and its effects on oil supply, Saudi Arabia increased its production of oil to 9 million bpd to balance the shortcut in oil exported to Europe.

It is worth noting that oil prices increased driven by the sinking dollar, supply and demand, political upheaval, fear and financial speculation.

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