Saudi to maintain its market share despite oil plunge

03 Oct 2015

(MENAFN) Saudi’s recent moves in the oil industry are sending a strong message to the world about its commitment to preserving its market share, a leading Saudi analyst said.

“Saudi Arabia wants to assure the world and oil imported countries toward its commitment to the stability of the oil market,” said chairman of the board of Al-Sami Holding Group.

Saudi is the market leader in producing oil, which currently stands around 8.1 percent of the world oil supply and will in the future continue its policy of preserving the market share, he added.

Saudi Arabia is a long-term strategic producer of oil and Al-Naimi’s comments reflect this position, said Middle East director at Ashmore Group.

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