Oil producers have helped stem rising crude prices, Saudi Arabian Oil Minister Ali al-Naimi said. He was speaking at the Fourth Asian Ministerial Roundtable.
On the global economy:
“The global economy is in better shape than when we met two years ago, with international trade starting to recover, financial institutions again supplying needed capital, investors reentering the marketplace, and consumer confidence rising. Yet the recovery remains patchy. In many countries, unemployment remains at unacceptable levels, and some nations are struggling with outsize national deficits and concerns over the health of their financial systems. Some commentators have also been ringing alarm bells over the impact of the recent rise in oil prices, though swift and decisive actions by oil producing countries have helped to stem that trend.”
On Saudi Arabia’s oil capacity:
“Certainly Saudi Arabia’s position in the world oil market is based on its commitment to maintaining spare capacity for the sake of price and market stability. The kingdom’s policy in this regard is clear and has been consistent: moderation in all decisions that concern the global petroleum market. As stewards of the world’s largest reserves of low cost oil and its largest producer and exporter of petroleum liquids, Saudi Arabia’s financial and political stability has enabled the kingdom to install and maintain the capacity to produce 12.5 million barrels of crude oil per day. This provides a cushion of roughly 3.5 million barrels per day over and above our current production levels, which are adjusted according to worldwide market conditions.”
On relations with Asia:
“Roughly two-thirds of the kingdom’s crude oil exports now go to Asia, and we are the largest single supplier to major markets like China, Japan, Korea, India and Taiwan.”
Oil demand outlook:
“For the Asia-Pacific region as a whole, petroleum demand will increase in the coming years and decades, as a result of both demographic growth and rising living standards in developing economies. In fact, emerging Asian markets and the region’s oil and gas producers themselves will be the main drivers of this increase in petroleum consumption, while oil demand in developed nations will remain more or less flat.”
Posts
0 comments