Arab Today, arab today saudi seeks lower oil prices
Last Updated : GMT 00:23:52
Arab Today, arab today
Arab Today, arab today

Saudi seeks lower oil prices

Arab Today, arab today

Arab Today, arab today Saudi seeks lower oil prices

Seoul - Arabstoday

Top oil exporter Saudi Arabia is determined to bring down high oil prices and is working with fellow Opec members to accomplish that, Oil Minister Ali Al Naimi said on Friday. Brent crude has risen about 13 per cent this year, trading above $120 a barrel on Friday, threatening a nascent recovery of the global economy. Oil has traded above $100 for all but a couple of days in the past year. “We are seeing a prolonged period of high oil prices,” Naimi said in a statement during a visit to Seoul. “We are not happy about it. (The Kingdom of Saudi Arabia) is determined to see a lower price and is working towards that goal.” The Saudi oil minister earlier this year identified $100 a barrel as an ideal price for producers and consumers earlier this year. Concern of a supply shortage due to production problems in some producing countries and as US and European sanctions target exports from Opec’s second-largest producer Iran have helped keep Brent crude well above that mark. Naimi reiterated that there were no supply shortages in the global oil market and the kingdom stood ready to tap into its spare capacity of 12.5 million barrels per day if more crude was needed. “The story is one of plenty,” he said. “Supply is not the problem.” Saudi Arabia is pumping 10 million barrels per day, the highest level since November, when the kingdom produced more than it had done for decades. Fellow Opec producers Libya, Iraq and Angola have increased output, Naimi said. Non-Opec members including Canada, the United States and Russia had also boosted supplies, he added. Saudi stockpiles at home and abroad were full, he added. Inventories in industrialised countries were also filling up, he said. “Fundamentally the market remains balanced — there is no lack of supply,” he said. “Saudi Arabia has invested a great deal to sustain its capacity, and it will use spare production capacity to supply the oil market with any additional required volumes.” The International Energy Agency said on Thursday that the oil market had broken a two-year cycle of tightening supply conditions as demand growth weakens and top exporter Saudi Arabia increases output.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today saudi seeks lower oil prices Arab Today, arab today saudi seeks lower oil prices

 



Arab Today, arab today
Arab Today, arab today Heart of Turkish Riviera is Alluring Seaside Escape

GMT 11:11 2017 Tuesday ,28 March

Heart of Turkish Riviera is Alluring Seaside Escape
Arab Today, arab today 5 Crafty Must-Have Limited-Budget Ideas

GMT 17:03 2017 Saturday ,25 March

5 Crafty Must-Have Limited-Budget Ideas
Arab Today, arab today Turkey says ends its military operation

GMT 07:53 2017 Thursday ,30 March

Turkey says ends its military operation
Arab Today, arab today Wadih al-Azzazi calls for activating news coverage

GMT 19:29 2017 Thursday ,30 March

Wadih al-Azzazi calls for activating news coverage
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Disaster costs nearly double to $175bn

GMT 10:42 2017 Tuesday ,28 March

Disaster costs nearly double to $175bn
Arab Today, arab today Campaign fights sexual harassment in Egypt

GMT 11:14 2017 Tuesday ,28 March

Campaign fights sexual harassment in Egypt
Arab Today, arab today 'Underwater wasteland' worries

GMT 10:32 2017 Thursday ,30 March

'Underwater wasteland' worries
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Mercedes, VW recall million vehicles in China

GMT 09:16 2017 Wednesday ,29 March

Mercedes, VW recall million vehicles in China
Arab Today, arab today Uber grounds self-driving cars

GMT 09:11 2017 Monday ,27 March

Uber grounds self-driving cars
Arab Today, arab today Singer Rowida Attiya will issue a new song

GMT 07:38 2017 Tuesday ,28 March

Singer Rowida Attiya will issue a new song
Arab Today, arab today Trump moves to roll back Obama climate measures

GMT 08:39 2017 Wednesday ,29 March

Trump moves to roll back Obama climate measures

GMT 18:57 2017 Tuesday ,21 March

Accessories designer reveals her new collection

GMT 09:28 2017 Tuesday ,28 March

Trump poised to roll back climate protections

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures

GMT 07:50 2017 Thursday ,30 March

Breaking trans barriers one barbell

GMT 09:02 2017 Thursday ,23 March

Laptop ban sparks ire

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 19:27 2017 Saturday ,11 March

Boualsof launches "Priestess Kahina" collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday