Saudi Oil Minister Stands Pat on Production

Saudi Oil Minister Stands Pat on Production

Saudi Arabia’s oil minister says OPEC’s dominant producer has no immediate plans to boost crude output because there is no need to do so.

But Minister Ali Naimi said he was “concerned about the (price) level” and suggested Saudi Arabia is ready to raise production if the kingdom perceives that basics had changed, with supply no longer meeting demand.

For now, “all our buyers are satisfied and happy,” he told reporters on the fringes of the 19th World Petroleum Congress.

About 20 energy ministers, CEOs of national and international oil companies and other industry leaders are among the more than 3,000 delegates attending the congress in Madrid, Spain, which is debating ways of cooling the volatility of energy markets.

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