Al-Naimi : Saudi Arabia Will Fill any Shortfall in Oil Supplies

Saudi Oil Minister said on Wednesday that Saudi Arabia , The largest oil exporter in the world , is committed to fill any lack of “real or perceived” in the supply of crude oil in the face of rising prices due to fears of the potential for the production of Iran .

The Minister Ali Al-Naimi said in a speech to the International Energy Forum in Kuwait , the oil market is balanced in genera l, although there is an abundance of production and refining capacity , adding that Saudi Arabia and others are ready to make up for any shortfall in crude oil supply .

The minister has already announced that the Kingdom is ready to raise production more than before in the case of increasing demand from customer s. The sources of oil in the Gulf said that the United States urges Saudi Arabia to increase production to meet a possible shortage as a result of international sanctions on Iran .

Oil prices rose sharply to $125 a barrel . Oil traders want to know the exact time of the production from Saudi Arabia to meet the expected decline of exports of Iran . With the approaching record levels of production of around ten million barrels per day , Saudi Arabia says it can increase production to 12.5 million barrels a day . Iran produces less than 3.5 million barrels per day and exports about 2.2 million barrels per day to different markets .


He is a student of Economics , pursuing the same from Delhi University . Apart from Writing , He is quite passionate about Photography as well . His other hobbies include playing cricket and listening to music . Currently He resides in Delhi . He was invited to join Kabir News agency in 2012 after opening the official website . Phone number: +9999936738 , Email address: Saurabh (at) KabirNews.com

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