Saudi Oil Minister Says Oil Supply Losses Will be Offset

February 23, 2011

[Washington, DC] -- The Kingdom of Saudi Arabia’s Minister of Petroleum and Mineral Resources Ibrahim Al-Naimi has assured global markets that Saudi Arabia and other members of the Organization of Petroleum Exporting Countries (OPEC) have the capacity of oil to offset supply losses due to crises unfolding around the world. Saudi Arabia alone currently has a surplus supply of approximately 4 million barrels per day.

In a press conference yesterday following the Ministerial Extraordinary Meeting of the International Energy Forum (IEF), Al-Naimi reassured the global community that political or economic disruptors that have taken place around the world have not affected oil supply so far. “Right now there is absolutely no shortage of supply,” Minister Al-Naimi said. However, should supply diminish because of any disruption, Saudi Arabia and OPEC will be ready to meet that shortage.

Saudi Arabian Ambassador to the United States Adel bin Ahmed Al-Jubeir reaffirmed the Kingdom’s long-standing policy of maintaining stable oil production. “Saudi Arabia is committed to keeping oil prices and the market as stable as possible despite disruptions that may arise,” Ambassador Al-Jubeir said.

The IEF is the world’s largest gathering of energy ministers. All 86 nations represented at the conference signed and approved the IEF Charter, which called for international energy cooperation and a commitment to open dialogue.

In their concluding statement energy ministers said, “Mitigating energy market volatility and future uncertainty remains of crucial importance to stabilize energy markets and facilitate energy investment, which would also benefit the recovery of the global economy.”

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