FINANCIAL NEWS

Saudi to cover global energy shortage

26 Sep 2013

(MENAFN) Saudi Petroleum and Mineral Resources Minister Ali Al-Naimi said that Saudi Arabia will be able to solve any energy shortage problems globally, according to Arab News.

Al-Naimi said: “We are ready to compensate for any shortfall in the oil market.”

He added: “the market is good, reserves are excellent, and supplies are adequate and stable.”

The Kingdom’s oil production capacity is about 12.5 million barrels per day, said the minister. While sources in the industry said that the production reaches 10 million barrels per day.

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