The Saudi Minister of Oil and Mineral Resources, Ali Al-Nuaymi, recently stated that the country’s oil market was stable as prices have been fixed for the past six months, reported the Al-Hayat daily.
Addressing a meeting of OPEC ministers, Al-Nuaymi added that the recent hike in benzene costs in the United States would not affect OPEC since oil reserves in America presently stand at their highest level in the past five years, and would therefore not require additional OPEC oil.
The minister also said that Saudi Arabia is capable of raising its daily oil output within 90 days by an additional 2.5 million barrels. –(MENA Report)
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