Saudis guarantee stable oil market in the event of war
Saudi Arabia is undertaking a number of significant actions to ensure the world's oil supply does not run short in the event of military action in Iraq. The Saudi government has endorsed its commitment to keeping oil prices and the market as stable as possible despite disruptions that may arise in the coming months.
"We will make sure there is enough oil in the market. We have plenty of spare capacity," said Saudi Oil Minister Ali Al-Naimi. Saudi Arabia has taken actions to increase production capacity and store oil supplies. In the event of any market disruptions, Al-Naimi said, "we are confident that OPEC in general and Saudi Arabia in particular will deliver."
Saudi Arabia sits on the world's biggest oil reserves with an estimated 261 billion barrels and has proven natural gas reserves of 220 trillion cubic feet. — (menareport.com)
© 2003 Mena Report (www.menareport.com)