Saudi Arabia offers to make up for lost Iraqi oil
Saudi Oil Minister Ali al-Nuaimi said Saturday, June 2, his country was ready to compensate for any shortfall on the world market after Iraq announced a halt in oil exports from June 4.
"Saudi Arabia is prepared, along with OPEC members and other large crude producer countries, to make up for the shortfall that Iraq will cause if it implements its decision to halt crude exports," he told reporters in Riyadh.
He said the Saudi kingdom, the world's largest oil producer and exporter as well as OPEC linchpin, was committed to "market stability, a balance between supply and demand, and the stability of crude prices".
The Saudi offer came just hours after Iraq announced a halt in its 2.2 million barrels per day (bpd) of UN-supervised oil exports from Monday, as it battles to head off a new regime of "smart" sanctions.
Under the latest quotas set by OPEC, which is scheduled to meet next week in Vienna, Saudi Arabia's production stands at 7.865 million bpd. — (AFP)
© Agence France Presse
© 2001 Mena Report (www.menareport.com)
- First it was the US and shale, but now, Saudi Arabia's toughest oil contender is emerging right next door
- Keeping up the fight for market share: Saudi Arabia expected to offer further oil discounts to Asia in March
- Kuwait and Saudi Arabia to replace free Iraqi oil shipments to Jordan
- Accepting Reality: America Lost the War in Iraq