FINANCIAL NEWS

Saudi to compensate shortages in international oil supplies: Minister

14 Mar 2012

(MENAFN) Saudi Oil Minister, Ali Al-Naimi, stated that the Kingdom in addition to several other oil exporters have the capacity and willingness to compensate for any shortage in oil supply internationally, reported AP.

Al-Naimi noted that the potential market volatility will hurt all parties concerned including consumers, producers and the energy industry in general.

It is worth mentioning that the statements came at the same time which the US is pushing Asian customers to cut back on crude imports from the Islamic Republic of Iran.

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