As OPEC oil ministers prepare for the start of their quarterly meeting Thursday in Beirut, Saudi Oil Minister Ali al Nuami says his country is ready to increase production
Published:
3 June 2004 y., Thursday
The Saudi Oil Minister drew rapt attention from his audience as he vowed his nation is fully ready to "ramp up production" to meet growing demand. He said the Saudi and OPEC target price for crude is in the range of $22 to $28 per barrel, and blamed factors largely outside of OPEC's control for the current record prices.
He told the conference the goal of Saudi policy is to keep the oil market in balance.
"The petroleum policy aims at the stability of the international oil market by creating a balance of supply and demand, by maintaining good reserves that will serve the needs across all seasons of the year," he said.
He said now that oil prices have skyrocketed well above the target, the role of OPEC is to restore balance.
"The most important role of the [Saudi] Kingdom and the oil producing countries of OPEC is to sustain production levels that should meet the crisis," said Ali al Nuami. "Drawing on the unused reserves now is important to stabilize the market and avoid major crises."
Šaltinis:
voanews.com
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
The financial crisis is having a serious impact on low-income countries.
more »
The agreement was welcomed by the EU, which has led efforts to crack down on loose banking practices that caused the financial crisis.
more »
On 31 March this year, the boards of AB Bank SNORAS and AB “Invalda” approved of the purchase and sales transaction of AB “Invalda” financial group's companies.
more »
MEPs will vote on Thursday 2 April on a first reading agreement on the voluntary EU Ecolabel (“EU flower”) system for environment-friendly products to become less costly and bureaucratic to use.
more »
The fourth quarter of 2008 was not so good for the banking industry, and the financial conditions of commercial banks and savings and loans is expected to further deteriorate for the rest of 2009 and the first part of 2010, according to LACE Financial Corp.
more »
MEPs recently gave the green light to a new trade deal between Europe and Caribbean countries.
more »
New VoIP Features Boost Flexibility, Mobility, Cost Savings for Organizations Seeking to Untether Workers.
more »
According to the revised data, in IV quarter 2008, GDP at current prices made LTL 28578.8 million and against IV quarter 2007 decreased by 2.2 per cent.
more »
The EP Fisheries Committee rewrote the rules on recreational fishing in its consultative report, adopted Tuesday, on a proposed “control regulation” to ensure compliance with common fisheries policy (CFP) rules.
more »
In a measure of the Union’s strong growth prior to the financial crisis, the demand for EU trademark rights has shot up in recent years, creating an unexpected budget surplus.
more »